‘Know-nothing’ iron bears will be wrong again, Cliffs says

The largest US iron-ore producer says the bears are getting it wrong all over again. Prices will probably be sustained above $50 a metric ton as demand in China is stable and the impact of new supply won’t be as severe as forecast, according to Cliffs Natural Resources. “Those forecasts saying that prices will go to $40 or $30 or whatever, they haven’t materialised,” CEO Lourenco Goncalves said in a phone interview.