Rating's agency Fitch warns iron ore prices will remain depressed for the next few years as the commodity falls for a sixth straight session.
Fitch says prices will stay low amid increasing supply, weak Chinese demand and the slower-than-expected closure of high-cost mines.
The agency says it expects the big iron ore players BHP, Rio and Vale to increase production this year despite falling commodity prices.
It also expects Chinese crude steel production growth to slow to around 1 per cent or less in 2015.
Fitch has cut its iron ore forecasts to US$50 per tonne in 2015 and 2016, compared to US$65 and US$75 initially.
Source:skynews
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