Markets: Westpac picks an iron plunge

Westpac's Huw McKay predicts falling Chinese demand will push the iron ore spot price down 40 per cent in the short term.

Westpac’s senior international economist Huw McKay says he’s not a China sceptic, but he’s not a bull in the short term, either – if you ask him about the iron ore price, at least.

By September 30, McKay predicts the spot iron ore price will fall 40 per cent from its current level to $US85 a tonne. The Tianjin spot iron ore price was yesterday at $US141.20, having climbed 28 per cent since May 30.

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