Based on improving the business climate in the U.S. and Europe and against the backdrop of China's economic opening, Moody's revised its global mining and metals outlook from negative to stable. The market's demand for base metals and steel supported prices.
Moody's reported that the price of iron ore could begin to slow further in early to mid-2024 as global supply growth begins to exceed demand. Currently, Brazilian and Australian iron ore producers, who have reduced iron ore production, will continue their support for steel prices until mid-2023.
Comments
No comment yet.