The Australian reported that billionaire miner Mr Andrew Forrest expects the price of Australia’s major export, iron ore to remain strong.

Mr Forrest said that “I’m pretty comfortable with the iron ore price oscillating around the USD 110 (per tonne) mark. It could wander down to USD 80, it could wander up to USD 140. Prices have recently fallen to USD 95.70 per tonne as Australian supply ramps up and China reins in steel overcapacity.”

Mr Forrest made his fortune as the driving force behind iron miner Fortescue Metals Group, which he now chairs, said China was still trying to urbanise an Australia each year.

He said that “The Chinese ability to manage poverty out of its country is unprecedented and their consumption of steel is still running at record rates. A bet against China’s growth was a guaranteed loss.