Industry News

Rio Tinto and BHP sell ratings removed by UBS as iron ore outlook not as bad as expected

Views : 119
Update time : 2023-10-07 17:03:53

'Sell' recommendations on BHP Group Ltd (LSE:BHP, ASX:BHP) and Rio Tinto PLC (LSE:RIO) shares have been removed by UBS as it sees the iron ore price stabilizing in the near future.

Both mining giants have been upgraded to a 'neutral' rating, given the bank's expectation that iron ore prices will hold within the $100-130 per tonne range over the next six months.

In a separate note, the bank said it now expects iron ore prices to fall by less than previously thought and costs are seen likely to remain higher for longer. The bank also lifted its long-term iron ore price to US $85/t, compared to US$65/t previously and the US$75/t consensus.

Also upgraded were Vale SA (ADR) (NYSE:VALE), Fortescue Metals Group

(ASX:FMG) and Deterra Royalties, all moved to 'neutral'.

Related News
Read More >>
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Mar .12.2025
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Mar .12.2025
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they? Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
Mar .12.2025
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
International crude oil prices increase on Mar 11 International crude oil prices increase on Mar 11
Mar .12.2025
International crude oil prices increase on Mar 11