News: Australia drops 2016 iron ore price forecast to $44.20/T amid slowdown

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    SYDNEY, July 8 (Reuters) - Australia on Friday dropped its 2016 iron ore price forecast to 44.20 per tonne from $45, citing a slowdown in global demand-growth.

    "Despite the large movements in prices, the market fundamentals are broadly unchanged - demand growth is slow and the market remains well supplied," Australia's Department of Industry, Innovation and Science said in its latest quarterly commodities paper.

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