After an unexpected rally in the first months of 2016, iron ore should fall back below $50 a ton in the second half of the year as more of the bulk commodity hits an oversupplied market, a Reuters poll showed.
But prices should still be up on the year, analysts say, thanks to an early-year rally in Chinese steel futures that spread to iron ore and helped the raw material recover from a three-year slide.
Iron ore emerged largely unscathed from the selloff that hit financial markets last week after Britain voted to exit the European Union.
Benchmark 62-percent grade iron ore for delivery to top market China will average $47 a ton in July-December, according to the median estimate of 18 analysts polled by Reuters.
That will put the 2016 average at $49 a ton, up from $47 in a December poll. For 2017, iron ore is forecast to average $46, up from $45 in the previous poll.
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