Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin were trading around $169.5/tonne, a decline of 5% from an almost 10-Year high of $178 touched in early March amid an uncertain demand outlook from China. The production in China's top steel-producing city Tangshan is set to decline due to environmental curbs while the Caixin survey showed that Chinese manufacturing activity unexpectedly expanded at the slowest pace in almost a year in March. Also, output at Brazilian miner Vale, the world’s top producer, is expected to recover to normal levels by the end of 2021. Meanwhile, steel futures were trading at record highs.
Historically, Iron Ore reached an all time high of 200 in November of 2007. Iron Ore - data, forecasts, historical chart - was last updated on April of 2021.
Iron Ore is expected to trade at 163.46 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 142.77 in 12 months time.