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 … Read more
With elections approaching, falling iron ore prices could limit the federal government's ability to run a budget surplus. Iron ore has been the basis of Australia's export earnings for decades, largely due to demand from China.
China's falling demand for iron ore will cost Australia more than $3 billion, the Treasury warned. A 38 percent drop in prices since the beginning of 2024 has raised alarm bells, as the economic success of both WA and the country depends on iron ore exports.
Falling iron ore prices and the weakening Chinese steel industry could cause three billion dollars in damage to the Australian economy, warns Finance Minister Jim Chalmers. With iron ore prices closing at USD 81.80/tonne on Thursday, the global commodity price is below the price forecast at the time of the budget announcement, according to the … Read more
Andrew Forrest ignores the fluctuating iron ore prices and instead boasts about the “wall of buyers” waiting in 12 months for tonnes of green iron metal from a yet-to-be-built plant in the Pilbara.
According to Prime Minister Roger Cook, the state finances have factored in a massive collapse in iron ore prices as China's struggling steel producers cut production while major mining companies increase their exports.
Renewed fears about slowing steel demand from China have pushed the market values of two Western Australian iron ore mining giants to lows not seen since 2022. On Wednesday, Fortescue shares fell 4.6 percent to $17.32 and BHP shares lost 2.8 percent to $39.60. The share price of both companies is now at its lowest … Read more