Australia Cuts Iron Ore Forecast

Bloomberg reported Australia has lowered its forecast for the price of iron ore on decreased demand in China.

As quoted in the market news:

The steelmaking raw-material will average $136 a metric ton in 2012, the Bureau of Resources and Energy Economics said in a report today. That compares with $140 estimated by the Canberra- based bureau in March and an average of $153 last year. Shipments from the country may total 479 million tons, down from the 493 million tons predicted in March, it said.

Click here to read the full Bloomberg report.