Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin bottomed around $110 per tonne, not fat from a seven-month low of $100 amid lingering worries about a potential global recession, China's property crisis, steel production cuts, and recently US-China tensions over Taiwan. Weak global demand will help turn the iron ore market to a significant surplus over the second half of 2022, which, in turn, poses a significant downside risk for prices. Still, a rebound in steel margins in China has prompted the restart of some of the idled blast furnaces, easing some of the concerns over weak demand.
Historically, Iron Ore reached an all time high of 229.50 in May of 2021. Iron Ore - data, forecasts, historical chart - was last updated on August of 2022.
Iron Ore is expected to trade at 107.24 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 95.41 in 12 months time.