Economics
Biggest Exporter Australia Boosts Iron Ore Forecast on China
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Australia, the world’s biggest iron-ore exporter, raised its price estimate for this year on expectations that increased steel consumption will boost imports into leading buyer China.
Prices will average $119 a metric ton in 2013, compared with a December estimate of $106, the Bureau of Resources and Energy Economics said in a report today, referring to rates at Australian ports. The country may ship 554 million tons of the steelmaking raw material in 2013, against 543 million tons estimated in December and 488 million tons in 2012, it said.