[miningmx.com] – IRON ore prices will fall below $60 per ton in 2015, said Bloomberg News citing a report by Citigroup which cut its quarterly forecasts for next year by as much as 23%.
“We expect renewed supply growth to once again drive the market lower in 2015, combined with further demand weakness,’ said Citigroup analyst, Ivan Szpakowski. The mineral will average $72/t in the first three months of 2015, he said.
The second-quarter forecast was cut to $65 from $80, while the third was reduced to $60 from $78/t. The figure for the final three months was put at $62 from $78/t. “We still have a long way to go’ in the bear market, he told Bloomberg News.
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