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