2239 GMT - Zircon prices are likely to remain resilient, benefiting Australia's Iluka Resources, says Macquarie. It expects the zircon price to stay above US$1,730/ton in the medium term and then rise in 2029 when the market tips into a deficit. "We also highlight that our supply forecast does not include production rationalization by major producers, which happened during the last zircon price trough in 2016," Macquarie says. Demand trends look positive. The continued push by the Chinese government to ensure property developments are completed supports demand for ceramics, which represents some 50% of zircon consumption, Macquarie says. It keeps an outperform call on Iluka. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 05, 2025 17:40 ET (22:40 GMT)
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