The iron ore market is about to swoon, according to Westpac Banking Corp., which forecasts benchmark prices may sink below last year’s nadir of $38.30 a metric ton. Faltering demand and rising supply will combine at a time when inventories at ports in China have risen rapidly, the Australian bank said in a note. The raw material will drop to a year-end low of $37 a ton, averaging $47 in the fourth quarter and $38 in the first three months of 2017, it said.
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