[Ferro-Alloys.com] The Australian government forecasts iron ore spot prices to almost halve to an average of $55/t by the end of this year because of an uncertain supply-demand outlook.
The iron ore price is project to drop to $55/t fob by the end of this year's final quarter, the Australian treasury said.
The Argus iron ore fines 62pc Fe ICX cfr Qingdao was last assessed at $108.50/dry metric tonnes (dmt), which was up from $91.15/dmt on 1 January.
Iron ore prices have remained resilient as the impact of falling steel production outside China has been largely offset by firm demand from Chinese steel producers and supply disruptions in Brazil.
Australia is the world's largest exporter of iron ore, providing the country's largest single share of export revenue.
Source: Argus media
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