Prices for iron ore cargoes with a 62% iron ore content rebounded to $109 per tonne, the highest in nearly one month, as some supply concerns offset uncertain demand. Mining giant Fortescue noted that shipments for the year are likely to be at the lower range of its guidance due to problems in key mines, limiting supply out of Australia, the world’s top exporter. The developments weighed against the muted demand outlook for ferrous metals in top consumer China amid the prolonged crisis in its real estate sector. New home prices in the country fell the most in 2015, while the once-giant Country Garden refrained from sharing its earnings report and was forced to push back coupon payments to avoid its first domestic bond default. On top of that, investors pared expectations of the extent of future stimulus expectations for the steel-intensive construction industry due to Beijing’s goal of decreasing the economy’s reliance on property development.
Iron Ore decreased 26.69 USD/MT or 19.57% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Iron Ore reached an all time high of 219.77 in July of 2021. Iron Ore - data, forecasts, historical chart - was last updated on April 26 of 2024.
Iron Ore decreased 26.69 USD/MT or 19.57% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Iron Ore is expected to trade at 103.96 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 97.94 in 12 months time.