Iron Ore Market Seen Collapsing Below Last Year’s Nadir: Chart

Why Iron Ore Prices May Be Headed Lower

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.