Iron Ore

Prices for iron ore cargoes with a 63.5% iron ore content for delivery into Tianjin extended their rally to above $120 per tonne in January, the highest since late June, amid signs of low supply and continuous measures to bolster demand. Major Brazilian producer Vale stated that export levels from the country dropped significantly due to heavy rains in the country, after lamenting that iron output for this year should be flat compared to 2022 at 310 million tonnes. Data from cargo surveyors already show a decrease in arrivals to major steel producer China, driving blast furnaces to bid heavily for the input ingredient. Meanwhile, China reopened the border between its mainland and Hong Kong to cement its transition away from its zero Covid policy and raised hopes of higher economic activity. On top of that, commercial banks agreed to extend $162 billion in new credit lines for private developers, while the PBoC continuously injected liquidity into the economy.

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 January of 2023.

Iron Ore is expected to trade at 114.84 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 104.52 in 12 months time.