Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin fell to $98.5 per tonne in September, approaching the nine-month low of $98 hit in the beginning of the month as a slowing economy in top consumer China offset stimulus measures by the government. Record-setting heatwaves dried rivers used for hydroelectric energy and damaged power grids across the world's second largest economy, driving local governments to thinly ration energy between steel producers and other industries, leading to a sharp drop in demand for inputs among steel producers and capacity expectations. Iron demand for steel producers was also pressured by decarbonization curbs that cities must implement. In the meantime, strength in the dollar amid expectations of a hawkish Fed added to the bearish pressure.
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 2022.
Iron Ore is expected to trade at 94.41 USD/MT by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 global macro models and analysts expectations. Looking forward, we estimate it to trade at 84.42 in 12 months time.