Iron ore prices expected to slip back
Pickup in supply expected to ease a global crunch, Australian government reports
19 December 2019 - 20:03
Iron ore will sink back to $60/ton in 2020 as a pickup in supply eases a global crunch, the world’s biggest shipper warned, while cautioning investors that the expected slump won’t be immediate.
Prices will average $63 next year as global mine output rebounds after disruptions in Brazil and Chinese steel production contracts, the Australian government said in a quarterly report. While that’s up slightly on a September forecast, it represents a 21% slump from this year’s average, it said...
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