Australia cuts outlook for ore price
By Richard Fu |
June 28, 2012, Thursday
|
Print Edition
Print Edition
AUSTRALIA, the world's largest iron ore exporter, has cut the price forecast for this year on moderate growth in demand for imports from China.
The price of the steelmaking ingredient may average US$136 a metric ton this year, down from the US$140 estimate made in March, the Canberra-based Bureau of Resources and Energy Economics said yesterday.
"The forecast decrease in prices is a result of a projected increased supply from Australia and Brazil, and a moderation of growth in import demand," the bureau said. The ore price averaged US$153 last year.
Data compiler the Steel Index said the 62-percent iron ore prices at Tianjin port fell 1.2 percent to US$135.40 per dry ton on Tuesday, the lowest since June 15.
A slowing economy and a weak building period have hit ore demand from China.
The price of the steelmaking ingredient may average US$136 a metric ton this year, down from the US$140 estimate made in March, the Canberra-based Bureau of Resources and Energy Economics said yesterday.
"The forecast decrease in prices is a result of a projected increased supply from Australia and Brazil, and a moderation of growth in import demand," the bureau said. The ore price averaged US$153 last year.
Data compiler the Steel Index said the 62-percent iron ore prices at Tianjin port fell 1.2 percent to US$135.40 per dry ton on Tuesday, the lowest since June 15.
A slowing economy and a weak building period have hit ore demand from China.
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