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Australia forecasts drastic drop in iron ore prices through 2018

Rally caused by speculative trading in China unlikely to last, govt says; export forecasts also trimmed

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Iron ore collects in a stockpile at Fortescue Metals Group Ltd's Solomon Hub mining operations in the Pilbara region, Australia, in October 2016.

Sydney

AUSTRALIA on Monday forecast a dramatic decline in the price of iron ore - its most valuable export commodity - over the next two years to well below current market prices.

The Department of Industry, Innovation and Science forecasts iron ore to average US$51.60 a tonne this

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