Economics
Iron Ore Forecast Cut by Australia as Miners Increase Output
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Australia, the largest iron ore exporter, cut its price estimate for this year and predicted a further drop in 2015 as mining companies including Rio Tinto Group and BHP Billiton Ltd. increase output and spur a glut.
Spot prices will average about $110 a ton this year from $119 forecast in December and $126 in 2013, the Canberra-based Bureau of Resources and Energy Economics said today. Prices may average about $103 a ton in 2015, it said in a report.