Iron ore prices curbed due to increase in global shipments

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Source: Bloomberg
The biggest iron ore producer and exporter in the world, Australia, lowered its forecasts for the ore prices, as an increase in shipments contributes to a global glut. According to the Department of Industry and Science, prices will reach $60 per ton this year, compared to the $63 in December and $88 in the preceding year. Meanwhile, the price for the iron ore plunged around 47% in 2014, due to low-cost export from Australia and Brazil.
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