Just read this in the Australian. Apologies if it has already...

Just read this in the Australian. Apologies if it has already been posted.
Iron ore to slip back to $US70/t: MS

Morgan Stanley says the iron ore market is unwinding, tipping a 100Mtpa slip in annualised run rates by the end of next year.

In a note led by research associate Marius van Straaten, analysts note that much of the supply recovery, namely from Vale after the Brumadinho distaster, is behind us and markets will now be driven by demand moves.

“Most of our forecast 95Mtpa market easing through 2020 is due to our assumption that China’s steel output will fall, as we expect housing starts to slow,” Mr van Straaten says.

“Although we forecast an annual decline of just 1.6pc year-on-year, we expect steel output to slow through the year – even more so during the winter – hence the big delta between our end-2020 estimates vs recent peak consumption.”

He predicts the commodity price to reach $US70/t by the fourth quarter next year, compared to the $US92.25/t overnight.