More than 145 million metric tons of new iron ore supply will be brought on stream next year and in 2017, according to Fitch Ratings Ltd., which forecast that prices are unlikely to recover.
The projected increase in supply is more than 10 percent of the estimated seaborne market of about 1.3 billion tons, Fitch said in a note on Thursday as it affirmed the ratings on Australia’s Fortescue Metals Group Ltd. Prices are expected to average $50 a ton through 2015 and 2016, it said.
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