Australia cuts iron ore forecast as miners boost output
09:10 AM ET · RIO
Australia is cutting its iron ore price estimate for this year and predicts a further drop in 2015, as mining companies including Rio Tinto (RIO) and BHP Billiton (BHP) increase output and cause a glut.
Spot prices will average ~$110/ton this year from $119 forecast in December and $126 in 2013, and may average ~$103 next year, according to the Bureau of Resources and Energy Economics.
Morgan Stanley analysts specify H2 as when supply growth picks up and outpaces demand; in H1, demand growth and supply growth are evenly matched.
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March 26th, 2014 at 1:06 pm
Australia cuts iron ore forecast as miners boost output
09:10 AM ET · RIO