Citigroup on Thursday slashed its iron ore price estimates for this year through 2018 to as low as $35 a ton, saying supply needs to be reduced amid declining demand.
The investment bank cut its 2016 forecast to $36 a ton from $41 in its November estimate. It also trimmed its 2017 and 2018 forecasts to $35 for each year from $39 and $40, respectively.
"In a market faced with declining demand, continued curtailment of existing supply will be needed and it is the price at which this is likely to happen that will largely shape prices moving forward," Citi said in a report.
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