|
It is reported that Fortescue Metals Group chairman Mr AndrewForrest is still bullish on Chinese growth despite recent talk ofan end to the iron ore boom. As the fourth richest man in Australia hosted the nation's sixthrichest man Mr James Packer on a tour through the Pilbara, MrForrest said the pessimism that had descended on the market was notrealistic. He added that "We're not raging bulls, we're justrealistic. You have a China and an Asia which has said we willmatch Western world living over the period of a generation let'ssupport them to build." The comments follow Mr Forrest's earlier call this week that theimportance of Europe's current financial crisis had been overstatedin a media beat up. Like many Australian miners, Fortescue's share price has been infree fall lately, shedding about AUD 2 over the past five weeks. But Mr Forrest, who was in Port Hedland for the opening of ashipping berth, said the Chinese government had warned that 2012would be a quiet year, with 2013 set to become a growth yearspurring iron ore demand. He added that "We happen to believe whatthe Chinese leaders have told us they're going to do, because,quite simply, they have the will, the capability and certainly theincentive to do it." That view is shared by Macquarie Bank, which predicts the iron oreprice now about USD 130 a tonne will average above USD 170 a tonnein the June 2013 quarter. Fortescue CEO Mr Neville Power conceded that instability fromEurope was making people skittish in the short term, but heretained confidence in China's long term growth. He said that"There will always be some fluctuations in the iron ore price inthe short term. Longer term we don't see anything to change ourlonger-term forecast." With Fortescue's third berth at Port Hedland coming online, thecompany hit a production rate of 70 million tonnes a year in April2012, edging the miner closer to its goal of 155 million tonnes ayear by the middle of 2013. Source - Western Australia Today. The e-commerce company in China offers quality products such as Polyester Filter Mesh Manufacturer , China Polyester Screen Mesh, and more. For more , please visit Monofilament Filter Fabric today!
Related Articles -
Polyester Filter Mesh Manufacturer, China Polyester Screen Mesh,
|
