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The dream is officially over for iron ore
Source:Sydney Morning Herald   Time:2017-04-17 17:17:25

Nev Power, the man who runs Andrew Forrest's third force in iron ore, Fortescue, is something of an optimist. As the company's share price was in freefall on Thursday he fronted up to media and investors putting a relatively positive spin on the outlook for prices of the commodity most pivotal to the health of the Australian economy.

In previous periods Power has underestimated price falls and price gains and he now thinks it will settle at about $US60 ($79) to $US65 per tonne.

Having ridden price rises in iron ore for more than a year, the big producers like Fortescue now need to reassure investors they are match fit to cope with the wild downward gyration in price.

For the sake of the broader economy – and Fortescue shareholders – let's hope he is right and we don't reach the $US45 that the previous federal treasurer, Joe Hockey, predicted less than two years ago.

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