[miningmx.com] – AUSTRALIA’s Department of Industry and Science downgraded its iron ore price outlook to an average of $60/t this year, said Bloomberg News citing a recent report from the department.
The downgrade compares with a $63/t forecast in December and $88.t in 2014, said Bloomberg News.
“China’s steel consumption growth is forecast to remain lackluster through 2015, dampening consumption growth for iron ore, while an additional 111 million tons of production is forecast to enter the seaborne market,’ the report said.
“Some high cost suppliers are expected to exit, but the market is likely to remain oversupplied in the short-term,’ it said.
Click here to read the full article
