UBS upgrades Rio, FMG on stronger iron ore outlook

UPGRADES to iron ore forecasts by UBS has improved the outlooks for Rio Tinto and Fortescue Metals Group.

UBS upgrades Rio, FMG on stronger iron ore outlook UBS upgrades Rio, FMG on stronger iron ore outlook UBS upgrades Rio, FMG on stronger iron ore outlook UBS upgrades Rio, FMG on stronger iron ore outlook UBS upgrades Rio, FMG on stronger iron ore outlook

The bank lifted its 2022 forecast by 23% t US$135 per tonne and its 2023 forecast by 24% to $105/t.

It still expects iron ore to drop below $100/t in the second half of next year.