Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin jumped above $160 per tonne in the first trading week of 2021 amid continued demand for the steel-making ingredient in China. On the supply side, BHP and Vale have resumed operations at a Brazilian iron ore mine five years after a massive dam disaster, which is likely to put some pressure on the market. In December, iron ore prices jumped a nine-year high of $172 per tonne after gaining nearly 80% during the year.
Historically, Iron Ore reached an all time high of 200 in November of 2007. Iron Ore - data, forecasts, historical chart - was last updated on January of 2021.
Iron Ore is expected to trade at 156.29 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 136.51 in 12 months time.