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    Australia government slashes iron ore price forecast Omkar Godbole

    The Department of Industry and Science has slashed its iron ore forecast by 20%.Average iron ore price in 2016 is now seen at $44.26/tonne, which is a minor downward revision from the previous forecast of $45/tonne in April. The department now sees average price of $44.80 in 2017. This contradicts Treasury’s $55 a tonne forecast.The forecast comes a day after Standard & Poor’s warned on Australia’s credit rating.

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