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Australia Struggles with Iron Ore Prices Crashing Print E-mail
by Tom McGregor    Mon, Apr 13, 2015, 02:42 am

$ 1AAabbbcccbore.jpgAustralia had enjoyed economic boom times with a global surge in commodity prices. Nevertheless, iron ore prices are collapsing.

The BBC News reports that, "Australia expects the plunging price of iron ore - its biggest export - to reduce revenue forecasts by A$25bn (£13bn; $19bn) over the next four years, Treasurer Joe Hockey has said.  He told the Australian Financial Review (AFR) that his May budget would be based on the anticipated price of iron ore falling further, to $35 a tonne."

Hockey is quoted as saying that, "There seems to be no floor, we are contemplating as low as $35 a tonne."

According to the BBC, "Iron ore is currently trading at $47 a tonne - down from $120 a tonne in 2013.  The drop has been blamed partly on falling demand in China.  The estimated price of $35 a tonne is even lower than the conservative forecast from December's budget update, which assumed prices would fall to $60 a tonne."

Australia may likely endure an economic recession in the next few years ahead.

To read the entire article from the BBC News, link here:

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