SYDNEY, April 8 (Reuters) - Australia on Friday raised its 2016 iron ore price forecast to $45 a tonne from $40.40 following a recent uptick in prices.
"While prices briefly rebounded to $61 a tonne in early 2016, increasing global supply coupled with lower demand from China's steel sector is forecast to result in prices softening by end of the year to average $45 a tonne in 2016," Australia's Department of Industry, Innovation and Science said.