Australia Halves Iron Ore Price Forecast in 2015 Federal Budget

Australia Halves Iron Ore Price Forecast in 2015 Federal Budget

The slumping iron ore price has hit those involved in the space hard in the last year, with many companies reducing production and halting new construction. Now the Australian government has gone into defense mode with its Federal Budget 2015 report, which includes a conservative 12-month iron ore price estimate of $48 per tonne.

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Company News

Vale to Sell 4 Iron Ore Carriers to CMES

Reuters reported that Vale (NYSE:VALE) has agreed to sell four large iron ore carriers to China Merchants Energy Shipping Co (CMES) , in a bid to raise cash.

BHP Billiton’s CEO Calls Australian Iron Ore Inquiry Unnecessary

BHP Billiton (ASX:BHP,NYSE:BHP) announced that it believed an inquiry into the Australian iron ore industry was unnecessary, as the company's CEO Andrew Mackenzie said it would sent the wrong message to international customers regarding the country's commitment to free trade during an interview on ABC radio Tuesday morning.

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Company Videos

Century Iron Mines Corporation CEO Sandy Chim (TSX:FER)

Century Iron Mines Corporation (TSX:FER) CEO Sandy Chim talked to Resource Investing News about its flagship project - Joyce Lake - in Quebec. Investors can expect a Bankable Feasibility Study in the first quarter of 2015.

Market News

New Report Suggests Iron Ore Not in Oversupply reported that iron ore price is driven by fines and are what makes up the bulk of supply, however a new report from Minerals Value Service points out that concentrate, pellets and lump output have remained fairly consistent since 2010, meaning there may not be as much oversupply in the market as previously suggested.

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