Entering text into the input field will update the search result below

Australia cuts 2015 iron ore price forecast by 10%

Jun. 30, 2015 9:48 AM ETRio Tinto Group (RIO) StockBHP, VALE, RIOBy: Carl Surran, SA News Editor12 Comments
  • Australia's government cuts its price forecast for iron ore in 2015 by 10% to US$54.40/metric ton, a steep drop from the US$60.40 predicted three months ago and $94 forecast in January; for 2016, expectations call for iron ore at US$52.10 from a previous outlook for US$56.80.
  • The government estimates the country's YTD earnings from exports of iron ore and other raw materials to China, Japan and elsewhere fell 11% to A$174B; three months ago, it predicted an 8% drop in exports to A$179B.
  • The downside guidance is based on a weak outlook for China's steel sector, as production is expected to contract this year and next, while China's residential construction would remain stagnant;
  • Outside analysts also blame over-estimates of China's appetite for imported ore by Rio Tinto (RIO -0.4%) and BHP Billiton (BHP -1.1%), as well as Brazil's Vale (VALE -2.1%), which continue to expand production.

Recommended For You

About RIO Stock

SymbolLast Price% Chg
Market Cap
PE
Yield (TTM)
Rev Growth (YoY)
Prev. Close
Compare to Peers

Related Stocks

SymbolLast Price% Chg
RIO--
Rio Tinto Group