Iron ore prices have retraced below $US60 a tonne for the first time in five weeks.
Spot prices on the Steel Index shed two percent yesterday to close at $US59.30 a tonne, the metals bulletin is also sitting around that mark.
It comes on the heels of a new forecast for a continuing rise in Pilbara exports.
Gina Rinehart's Roy Hill mine will alone add 55 million tonnes of annual output when it comes on line in September.
The quarterly report from Australia's Department of Industry and Science reveals Australian shipments will surge another 10 percent in 2016.
That's in addition to more than four percent increase this year.
The group is slashing price targets for this year, and next, to $54 and $US52 a tonne respectively.
Source: sky news
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