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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
Add BT as a preferred sourcePublished Mon, Jan 9, 2017 · 09:50 PM
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 year and US$46.70 in 2018, compared with current spot prices of around US$80, double the price a year ago. The department predicted a price of US$44.10 in 2016.
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