08 July 2016 at 2:33 GMT
The Sydney Morning Herald
Australia has cut its 2016 price forecast for the country's biggest export earner – iron ore – by nearly 2% to well under current prices, citing concerns over slowing growth in demand and said it sees little change in 2017. The department now sees iron ore averaging $44.20/tonne this year versus a $45 forecast in March and a December forecast of $40.40. Iron ore was trading at $55.20 a tonne, according to the latest quote from The Steel Index. The iron ore price averaged $48 a tonne in the first six months of 2016.
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