Australia's Department of Industry and Science cut its estimate by 10% to $54.40 per tonne from $64.40 per tonne due to weak outlook from China, the commodity's main market, Reuters reports.
At the beginning of the year the department estimated for prices of $94 a tonne.
"China's steel production is forecast to contract in 2015 and 2016 as the seaborne supply of iron ore increases," the Department of Industry and Science said, Reuters noted.
Cliffs Natural Resources is a Cleveland, OH.-based mining company that has an iron ore mining complex in Western Australia as well as several other mining and related operations across North America.
Separately, TheStreet Ratings team rates CLIFFS NATURAL RESOURCES INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CLIFFS NATURAL RESOURCES INC (CLF) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself."