Iron ore headed for a weekly loss as Australia’s government forecast sharply lower prices, the US dollar hit a two-year high, and traders waited for China’s next move to support its economy.

Futures dropped for a fourth day in Singapore, to trade about 3% lower for the week. The contract has been hovering around $100 a ton for more than a month.

With China’s economy slowing and global mine output rising, iron ore will average $80 a ton in 2025, and then drop to $76 in 2026, Australia’s Department of Industry, Science and Resources said in a quarterly outlook. The nation is the world’s largest iron ore shipper.

Commodities including have been burdened this week as the US currency strengthened, with the Federal Reserve indicating fewer interest rate cuts than previously expected in 2025. The greenback’s advance makes raw materials more expensive for most buyers, including in China.