Iron Ore Forecasts Push Mining Stocks Lower, Miners Remain Bullish

Reuters reported that iron ore price forecasts fall below $100/ton on slow demand and increasing supply, causing mining stocks to decline further. But the world’s biggest iron ore miners remain bullish.

As quoted in the market news:

Rio Tinto Ltd, BHP Billiton Ltd and fellow Australian miner Fortescue Metals Group, which rank only behind the world’s biggest iron ore miner, Brazil’s Vale , plan to add a combined 235 million tonnes of new mine capacity by 2015, nearly equal to Rio’s total output in 2012.

Click here to read the full Reuters report.