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Credit rating agency Standard & Poor's downgraded its price forecasts for iron ore and copper due to slower global growth and said it expected changes to the ratings of related companies in the coming weeks.
The agency revised its iron ore price forecast to $65 per tonne for 2015 and 2016, from $85 per tonne. It cut its copper price forecast to $2.70 per pound ($5,952.50 a tonne) in 2015 and 2016, from $3.10, it said in a release.
Iron ore for immediate delivery to China's Tianjin port traded at $67.40 on Tuesday. Benchmark copper on the London Metal Exchange (LME) closed at $5,690 a tonne.
"Given our new assumed prices for iron ore and copper, we expect changes to our credit ratings and outlooks on some entities in the coming weeks," S&P's credit analyst Elad Jelasko said.
"While the fundamentals for other industrial metals, such as aluminium, nickel, and zinc, remain positive, we believe the slowdown in the global economy will be reflected in lower demand. As a result, we have slightly revised downward our assumptions for the metals."
S&P expects gold prices to remain steady, reflecting relatively flat forward prices and "fairly modest" expectations for US interest rates, it said.
