Swiss-based global financial services company UBS has announced that it has decreased its price forecast for the fourth quarter for 62 percent fine iron ore sold by Australian miners BHP Billiton and Rio Tinto from $166/mt FOB to $143/mt FOB, citing a shift in the industry towards spot pricing. The forecast price is still significantly above current spot prices.
UBS stated that the global iron ore market would be buoyant in the long term thanks to strong iron ore demand from China and India's restrictions on iron ore exports.