Reuters reported on Wednesday that Australia’s Bureau of Resource and Energy Economics had cut its forecast for the prices of metallurgical coal and iron ore for 2015. The forecast change was largely due to rising output as new coal mines have offset production from operations that have closed.
As quoted in the publication:
BREE also forecast a sharp dip in metallurgical coal prices to $118.90 a tonne in 2015, well down on its March forecast of $134.60. It slightly increased its forecast for exports to 180.5 million tonnes in 2014/15, just up on a year earlier.