Iron ore crash threatens Chalmers’ budget surplus hopes
Alex GluyasMarkets reporter
The slump in iron ore prices threatens the federal government’s chances of delivering a third consecutive budget surplus, providing ammunition for the Coalition ahead of next year’s election.
Benchmark iron ore prices have sunk 3.6 per cent this week to $US95.25 a tonne, according to S&P Global’s Platts, spooked by a warning from Chinese steelmaker Baowu of a “harsh winter” ahead for the industry.
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Alex Gluyas is a markets reporter based in our Melbourne newsroom. Connect with Alex on Twitter. Email Alex at alex.gluyas@afr.com
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