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Iron Ore Outlook Cut by Australia as Supplies Increase

Australia, the world’s largest iron ore exporter, cut its price estimates for this year and 2015, predicting that surging output will boost competition among low-cost shippers and spur the closure of suppliers in China.

The raw material will average about $105 a ton this year from $110 forecast in March, the Canberra-based Bureau of Resources and Energy Economics said today. Prices may average about $97 a ton in 2015 from $103 estimated in March, it said.

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