Australia Govt forecasts 20% iron ore price drop in 2018

Australia’s the Department of Industry, Innovation and Science is out with its latest forecasts on iron-ore prices for this year.

Key Points via Reuters:

Expects iron ore prices to average $51.50 a ton in 2018.

A 20% drop from 2017’s average of $64.30 a ton in 2017.

Price is currently around $75.

The Department cites rising global supply and moderating demand from China as the key factors for the potential drop in prices.