Prices for iron ore cargoes with a 62% iron ore content held at the $117 per tonne mark, trading in a relatively tight range since hitting the two-month high of $120 on May 6th amid hopes of a traction in ferrous metal demand. A series of measures by the Chinese government marked its most vigorous effort yet to shore up the country’s troubled property market. The PBoC effectively removed the national minimum mortgage interest rate and lowered downpayment rates, while reports indicated the government is closer to enacting a program to acquire unsold property inventory at reasonable prices. Along with CNY 1 trillion in long-dated bonds to be sold, the measures significantly improved the outlook for distressed property developers, which are major purchasers of ferrous metals in the world’s top consuming country. Also, recent data showed that Chinese steel export volumes surged by nearly 30% for the second straight month in April, underpinning demand for iron ore input.
Iron Ore decreased 19.35 USD/MT or 14.19% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Iron Ore reached an all time high of 219.77 in July of 2021. Iron Ore - data, forecasts, historical chart - was last updated on May 20 of 2024.
Iron Ore decreased 19.35 USD/MT or 14.19% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Iron Ore is expected to trade at 118.32 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 124.60 in 12 months time.