Sell-side iron ore downgrades begin

Hoocoodanode?

RBCC lowers thermal coal price forecasts to $US66-$US70/tonne vs $US70-$US80/tonne for 2015-17

RBCC lowers coking coal forecast to $US116-$US125/tonne vs $US128-$US135/tonne for 2015-17

RBCC lowers spot iron ore price forecasts to $US55-$US60/tonne for 2015-17

BC Iron cut to Underperform vs SectorPerform; target priced lowered to $0.35 vs $0.80 – RBCC

Atlas Iron cut to Underperform vs SectorPerform; Target price lowered to $0.10 vs $0.35 – RBCC

BHP target price lowered 13%; Underperform rating reiterated – RBCC

Rio Tinto target price lowered 9% to $60; SectorPerform rating kept – RBCC

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.