Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin rebounded towards $125-per-tonne, a level not seen in almost two weeks, on solid demand prospects amid easing coronavirus-induced restrictions in Shanghai and other Chinese cities. Several steelmakers are due to restart production idled amid declining margins and insufficient demand to replenish inventories. Still, lingering worries that a global economic slowdown triggered by an aggressive tightening from major central banks would dampen metal's demand should limit any significant upside in prices in the months ahead.
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 112.17 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 100.11 in 12 months time.