Due to high supply and weak demand, iron ore prices remain at a 1.5-month low of about $100 per ton.
Since the beginning of 2024, prices have decreased by 25%, and the prices are in the range of 101-102 dollars with a loss of 35 dollars per ton.
In the report, they maintained, “Iron ore prices will continue to remain highly sensitive according to incentive announcements. However, trade tensions may push the market into expectation of support.”
A Long-Term Downtrend Is Expected in Prices
Between 2024 and 2028, it is predicted that prices will be at an average annual level of 97 dollars per ton. But until 2033, this figure was predicted to decrease to 78 dollars per ton. According to the analysts, China's slowing demand growth will be the main factor in this decline.
It was noted that although prices are significantly lower than the 156 dollars/ton level in 2021, they will remain above the 2016-2020 average. However, it is stated that the pressure on the market will continue in the long term
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