Iron ore with 63.5% iron content for delivery in Tianjin traded below the $120 per metric tonne level after briefly touching one-month highs of $129 in mid-October. The debt crisis faced by Chinese property firms remains a threat to industrial metals and the power shortage in China is likely to continue into winter while production curbs in the country are already hurting companies and households. According to reports, more than 80% of China’s domestic steel mills have suspended operations for maintenance in September.
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 October of 2021.
Iron Ore is expected to trade at 115.83 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 128.13 in 12 months time.