Australia govmt forecasts 20% iron ore price drop in 2018

Author: Eamonn Sheridan | Category: News

The Department of Department of Industry, Innovation and Science (which I guess encompasses digging rocks out of the ground)

Expects iron ore prices to average $51.50 a ton in 2018
  • A 20% drop from 2017 (average of $64.30 a ton in 2017)
  • price is currently around $75
Citing 
  • rising global supply
  • moderating demand from China (a shrinking steel sector there)
Forecast even lower in 2018, to $49 average
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This sort of thing tends to weigh on the AUD ;-)
On this, there has been AUD/NZD selling prevalent today, 'macro' fund names cited

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