Iron-ore to extend rout as it’s ‘different this time,’ Citi says

Iron-ore is poised to extend declines into the $80/t range as China’s steelmakers reduce production, according to Citigroup Inc., which pared price forecasts and said that market dynamics have shifted. “Further price weakness is required to bring the market back into balance,” Citigroup analysts including Shreyas Madabushi said in a report received on Tuesday. “Below $100/t would have offered an attractive iron ore dip-buying opportunity in the past, but the set-up looks different this time.”