Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore will fall to $36 a tonne in the third quarter and stay below $40 for the rest of the year as big miners boost supply even further and China's demand declines, Citigroup said on Monday. Spot iron ore has lost 60% over the past 12 months, dropping below $50 a tonne this month for the first time since a key index pricing began in 2008, amid a glut as mega miners Vale, Rio Tinto and BHP Billiton expanded production.
Iron-ore will fall to $36 a tonne in the third quarter and stay below $40 for the rest of the year as big miners boost supply even further and China's demand declines, Citigroup said on Monday. Spot iron ore has lost 60% over the past 12 months, dropping below $50 a tonne this month for the first time since a key index pricing began in 2008, amid a glut as mega miners Vale, Rio Tinto and BHP Billiton expanded production.
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