Sydney Morning Herald reported that the Bureau of Resources and Energy Economics (BREE) has increased its prediction of the price of iron ore Wednesday, from $US101 to $US106 per tonne.
As quoted in the market news:
“While still lower than most exporters would hope for, the revised prediction would represent an extra $US2.7 billion ($2.57 billion) worth of revenue should it prove correct.
The change to BREE’s forecasts came on the same day the benchmark iron ore price hit its highest mark since July 20 when the commodity was beginning to lurch into a severe slump.
The benchmark price touched $US124.90 a tonne on Wednesday, and the price has been hovering around these levels – which are widely considered to be its ”floor” – for more than seven weeks.”