Iron Ore Gluts to 2019 Prompt HSBC to See Slump Into $40s: Chart

Iron Ore's Fortunes Turn Rusty

The global iron ore surplus will take a step up next year and again in 2018, and that means prices are poised to take a step back, according to HSBC Holdings Plc. With supply topping demand through to at least 2019 on rising mine production in Australia, Brazil and India, prices are forecast to drop to $42 a metric ton next year and $41 in 2018, the bank said in a report. Ore with 62 percent content in Qingdao, China was last at $55.97 a dry ton after averaging about $54 so far this year, according to Metal Bulletin Ltd.

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