iron ore forecast to hit $50 a tonne next year

Wow

As expected things are slowing down big time. I reckon he's right. Many will reckon he's wrong. Time will tell.



"Prices reached a record $US191.90 a metric tonne on February 16 last year and may plunge as low as $US50 a metric tonne before the middle of next year, according to Andy Xie, a former Morgan Stanley chief Asia-Pacific economist. They haven’t traded at that level since contract prices were set at $US47 a tonne in 2006."

http://www.smh.com.au/business/mining-and-resources/iron-ore-faces-longest-bear-market-in-20-years-20121003-26yhy.html#ixzz28CWHecwV