The Federal Department of Industry and Science has cut its price forecast for iron ore in 2015 by 10 per cent to $US54.40 a tonne, citing a weak outlook for China's steel sector. The commodity - which climbed as high as $US65.61 a tonne on June 11, the peak in its recent rebound from April lows - was bringing $US61.29 on Monday night and many analysts predicted further falls. The department's forecast for 2016 was $US52.10 a tonne. "China's steel production is forecast to contract in 2015 and 2016 as the seaborne supply of iron ore increases," the department said in its latest quarterly update. Iron ore is a key ingredient of steel. Question 1 - Using demand and supply analysis, explain the impact of the change in commodity price on the market for iron ore mine workers.
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The Federal Department of Industry and Science has cut its
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