Iron Ore Bear Andy Xie Predicts Prices Below $40 by Year-End
- Steel industry in China is reaching `critical point,' Xie says
- Mills expected to cut output by about 5% in 2016, Xie predicts
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Iron ore bear Andy Xie is sticking to his guns.
The price will drop below $40 a metric ton before year-end, and trade in the $30s in 2016 as demand in China sputters, according to Xie, an independent economist who’s predicted a collapse since at least 2012. Mills in China will cut output and high-cost iron ore miners will go under, he said in an interview.