Moody's reports that it predicts iron ore prices will decrease in early or mid-2024. Steel production in key regions will affect demand for iron ore. Demand for ore is projected to continue to decrease in Europe, but will increase in some other regions.
Demand in Europe decreased by 10.5% by the end of 2022. This decrease is expected to continue in 2023.
The reopening of the Chinese economy has led to an increase in iron ore prices. The decline in global raw material supply was due to weather conditions limiting production in Australia and Brazil.
Comments
No comment yet.