Australian government raises 2018 price forecasts for iron ore, metallurgical coal
Singapore (Platts)--9 Apr 2018 236 am EDT/636 GMT
Australia's chief economist has lifted its forecasts for iron ore and metallurgical coal prices for 2018 and 2019, but maintains its view that prices will drop over that time frame, the Resources and Energy Quarterly report released Monday showed.
The report, which is released quarterly by Australia's Department of Industry, Innovation and Science, said it expects FOB Australia iron ore to average $61.80/mt this year, which is up $10.30/mt from the forecast it gave in the October-December 2017 quarter, and up $11.30/mt from its year earlier forecast.
"The iron ore price has held higher than expected in early 2018, and some short-term support is expected from ongoing resilience in steel prices and production in China," the Canberra-based unit said in the report.
Despite the revised outlook, prices are still expected to fall in the longer term.
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