Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin tumbled to around $115-per-tonne, a level not seen since last December, as persistent coronavirus outbreaks in China and aggressive rate hikes impacting global growth raised concerns about demand. Putting a floor under prices were prospects that China would take further steps to support its economy, while production from top exporters Australia and Brazil appear to be below potential.
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 June of 2022.
Iron Ore is expected to trade at 120.45 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 107.78 in 12 months time.