TradeWinds citing research by the bank reported that Citigroup predicted a 35% gain in seaborne iron ore shipments by 2015, led by increased supplies from Australia.

The newspaper reported that global exports will climb to 1.3 billion tonnes by 2015, up from 964 million tonnes this year and 870 million tonnes last year.

The newspaper citing the research said that Australian shipments will advance to 682 million tonnes by 2015, up from 417 million tonnes this year.

It said that there will be a shortage of iron ore between 2011 and 2013 and excess supply in 2014 and 2015.

(Sourced from Bloomberg)