Mining giant Rio Tinto ( RIO ) forecast over the weekend another slump in iron ore prices in the next 18 months. Viviel Tulpule, chief economist of Rio Tinto, estimated the price of the key steelmaking ingredient would decline to just above $100 per tonne by September 2014.
The Rio official explained the anticipated lower prices on excess capacity and lower demand for iron ore in China, the largest market for the commodity.
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