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Top iron ore forecaster RBC says prices will pull back this year

Iron ore prices could face a setback in the year to come after registering a surprise recovery in 2016, projects RBC Capital Markets. Growing iron ore stockpiles in Chinese ports and record-high Brazilian export are contributing factors.

Iron ore prices are primed for a retreat this year after surging in 2016, according to RBC Capital Markets, the most accurate forecaster for the commodity in the final quarter of last year.

"We believe iron ore prices are not sustainable at current levels and expect a pullback in 2017," RBC analysts wrote in a report received on Wednesday. The firm placed first in predicting prices, according to data compiled by Bloomberg.

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