Australia cuts its 2012 forecast for the average price of iron ore to $136/ton from the $140...

|By:, SA News Editor

Australia cuts its 2012 forecast for the average price of iron ore to $136/ton from the $140 estimate in March and the actual price of $153 in 2011. Exports are now estimated at a still-speedy 479M tons vs. 493M last year. It's all about China, the government slashing its growth GDP growth estimate for the country to maybe a still-high 7.9% from 8.2%.