Iron ore bonanza to deliver until 2022 as supply squeeze lingers
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Australiaâs biggest miners are poised to benefit from better-than-expected iron ore prices for at least the rest of the year as global ratings agency S&P upgrades its forecasts for the key steel-making raw material.
After surging Chinese steel output in 2020 propelled iron ore prices to a 10-year high and delivered bumper returns to shareholders of BHP, Rio Tinto and Fortescue, S&P Global on Friday upgraded its price assumption for the commodity from $US100 a tonne to $US130 a tonne for this year. For 2022, the firm has lifted its forecast from $US80 to $US100.
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