The Pervanator cuts iron ore again

In February I noted that:

I’ve lost count how many times The Pervanator has had to do this but this time he’s gotten ahead of the pack with what look like prices of $58 this year and $60 next.

Admirable! But sadly, still not enough. The Pervanator will again be overtaken and there will be no price rebound in 2018, either. More like the mid-2020s.

And today:

ANZ trims iron ore forecasts for 2016 and 2017 to $US49, $54 a tonne, expects $US50-$60 over the next 12 months.

Coking coal price forecasts fall 8.5%-15.5% for 2015-17, now forecasts $US104, $US102 and $US111.

Thermal coal forecasts fall 6%-11% for the same period, to $US61, $US64 and $US67.

Only another 30% to go! At least he’s not on his Pat Malone.

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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.