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Iron Ore Outlook Cut by Morgan Stanley as Supply Floods Market

Morgan Stanley reduced its iron ore price forecasts by as much as 23 percent as supplies from the biggest producers swamp the market and China’s slowdown hurts demand in the biggest user.

The raw material will average $58 a metric ton this year and remain at about this level through 2018, the bank said in a report e-mailed Wednesday. The outlook for 2016 was cut by 12 percent, while predictions for 2017 and 2018 were lowered by 19 percent...