Prices for iron ore cargoes with a 63.5% iron ore content for delivery in Tianjin were at $115 per tonne, remaining close to the one-month high of $117.5 touched on August 25th, amid renewed bets of stronger demand from steel producers. Chinese policymakers extended macro and micro-targeted support measures on the municipal scale and allowed 12 provinces to issue CNY 1.5 trillion of special financing bonds. At the same time, Chinese steelmakers ramped up production since mid-August to undercut potential output cuts mandated by policymakers in the coming weeks, depleting inventories and raising the outlook for iron ore purchasing activity. Still, risks of property contagion following missed bond payments and the suspension of debt trading for giant developer Country Garden magnified worries around the financial stability of Chinese constructors.
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 August of 2023.
Iron Ore is expected to trade at 118.93 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 128.19 in 12 months time.