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. Source