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Australia cuts iron ore price outlook for 2015 by 33% as glut expands

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Iron ore tumbled 49 per cent this year as miners including Rio Tinto Group and BHP Billiton Ltd expanded production in Australia, pushing the market into oversupply.

Melbourne

AUSTRALIA cut its iron ore price estimate for next year by 33 per cent as surging output in the world's top exporter outpaces Chinese demand growth, adding to a surplus.

Prices will average US$63 a tonne, the Department of Industry said on Monday. That compares with the

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