On January 3, 62% Fe grade iron ore reached a 6-month high of USD 144, after which it started to decline. On April 4, it reached a 6-month low of USD 99. On April 8, this downward trend gave way to an upward trend and prices hit USD 118 on May 3.
Market experts believe that the iron ore market will face a supply shortage and that rising steel production will increase the consumption of this raw material.
According to some sources, Asian iron ore markets are preparing for an uncertain second quarter. After hitting an 11-month low in March, the recovery in spot prices of the raw material has been attributed to construction activity and restocking in China. According to market participants, iron ore prices may continue to fall throughout the year if steel prices do not increase in April-June.
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