Australia Downplays Recovery in Iron Ore Prices

Mineweb reported that Australia downplayed strong recovery in iron ore prices with a forecast of $60 for 2015, despite a 25 percent recovery in the market price this month.

As quoted in the market news,

Shares of smaller iron ore miners have surged in recent weeks after the spot iron ore price .IO62-CNI=SI rebounded from more than 10-years lows, although analysts are doubtful the higher prices can be sustained.

Iron ore prices .IO62-CNI=SI rose from $46.70 at the start of April to $58.70, partly reversing a steep fall, but Cully said recent movements more reflected speculative trading rather than market fundamentals.

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