Australia, the world’s largest iron-ore exporter, has lowered its price forecast for the steelmaking ingredient for 2016 and 2017, citing “broadly unchanged” fundamentals of slow demand growth and a well-supplied market.
In its latest quarterly update, the Office of the Chief Economist in the Department of Industry, Innovation and Science reported on Friday that, despite the large movements in the iron-ore price in the first half of 2016, prices were expected to recover more slowly than previously forecast.
