The Global Iron Ore Market Long term Outlook provides the latest update of detailed supply and demand analysis and price forecasts for the iron ore market out to 2035. Iron ore's transition to structural oversupply is now well known and widely accepted but opinion varies significantly over the scale and timing of peak steel in China giving markedly different interpretations of the demand and price outlook for iron ore. We now have a more negative outlook for iron ore than we presented in our Q2 15 update. The key change is a significant downward revision to Chinese steel consumption. We have lowered our average price forecast for the period 2016 20 by approximately 20% with the low point of the cycle now expected to be 2018. Our long term price is $80/t CFR (real 2015 terms) but a return to that level is unlikely for at least 15 years as there is no requirement to incentivise additional supply prior to 2030.