“Different this time”: Citibank is betting on continued decline in iron ore

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Iron ore prices are expected to fall to as low as $80 ($119) per tonne due to production cuts in China, according to a Citigroup report. The group revised its price forecasts downward, saying market dynamics had changed.

“Further price weakness is needed to rebalance the market,” Citigroup analysts including Shreyas Madabushi said in a report received on Tuesday.

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