Iron ore, which was priced above 110 USD in May, fell in early June and remained flat at 106 USD until July 10.
Prices, which increased slightly to 110 USD on July 11, closed at 108 USD on July 12.
Iron ore prices are anticipated to stay above the $100 per ton mark throughout 2024, largely shielded from China's slowing economy by cost support at this level. However, this could change next year as new, cheaper supplies from West Africa enter the market. These new supplies are expected to lower average industry costs and bring prices down, reflecting the long-term decline in China's steel demand, the world's largest iron ore consumer.
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