The Global Iron Ore Market Long-term Outlook provides detailed supply and demand analysis and price forecasts for the iron ore market to 2035. We have raised our price forecast for 2016 and 2017 by approximately 5% to $53/t CFR and $50/t CFR respectively. But our medium term view has not changed: in a market that is effectively ex-growth for the next 3-5 years, prices will have to fall in order to force out high cost supply. 2018/19 looks particularly challenging with prices falling to $45/t (real) in order to force out excess supply. Our long term price is $60/t CFR (real 2016 terms) but a return to that level as an annual average is unlikely for at least ten years as there is no requirement to incentivise additional supply prior to 2030.