Australia’s Department of Industry, Innovation & Science on Friday, following a string of forecast cuts, finally had the chance to make a positive adjustment.
The government forecaster in its latest quarterly report adjusted upwards its iron ore price forecast by 9% and now expects prices to average $45 a tonne this year compared to the $41.30 per tonne prediction it made in December (which itself was downward adjustment from the $51.20 the body predicted in September).
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