Iron Ore Seen Slumping From Westpac to Goldman on Supply
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Iron ore will probably drop 19 percent by the end of the year as demand slows and supply increases, Westpac Banking Corp. said, joining Goldman Sachs Group Inc. in forecasting declining prices.
Ore may fall to $110 a ton by the end of the year, Justin Smirk, the second-most-accurate industrial metals forecaster tracked by Bloomberg over the past eight quarters, said in a report today. Prices may rebound to about $140 a ton in mid-2014 before dropping back to $110 in September, he said. Goldman said last week the steelmaking ingredient was among commodities that may decline at least 15 percent next year.