Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin declined to below $220 from a record-high of $229 a tonne reached on May 13th, after Tangshan city said it would punish steelmakers and even suspend their business if they manipulate market prices. Earlier, Chinese Premier Li Keqiang urged the country to take action to control the raw material price rally of recent months. Iron ore prices have been rising on buoyant appetite for steel and improved profit margins at mills.
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 May of 2021.
Iron Ore is expected to trade at 207.91 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 181.59 in 12 months time.