Iron ore with 63.5% iron content for delivery to Tianjin extended its losses towards $100 per metric tonne, less than half of its record high of $230 hit in May and the lowest level since July of 2020, on concerns over demand in China. Chinese authorities have put steel output curbs in place in efforts to bring down inflationary pressures in commodity markets and to lower carbon emissions. At the same time, investors worried about slumping construction output after data showed home sales in China falling 20% y-o-y in August coupled with fears over a crisis in China’s no.2 property developer Evergrande. Looking ahead, there’s room for prices to moderate further as the reopening of economies shift the focus of consumer spending away from goods towards services.
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 September of 2021.
Iron Ore is expected to trade at 105.64 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 96.18 in 12 months time.