Citi is the latest bank to take aim at iron ore, forecasting prices will fall below $50 a tonne by the end of the year as it downgraded Fortescue Metals Group (FMG.AU) to sell.

Iron ore has been smashed since reaching a high of roughly $95 a tonne in February amid concerns about new sources of supply, like Hancock Prospecting's Roy Hill, and hefty Chinese stockpiles of the steel making ingredient. Iron ore last traded around $56 a ton. Barrons