Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin rose to $185 per tonne, its highest level since September 2011 as demand is outstripping supply. China’s crude steel production climbed 19% last month to a near record high and mills keep increase output on high-profit margins despite the government’s environmental rules. Meantime, output at Bazil’s Vale SA and Rio Tinto Group has been hit by operational challenges and weather disruptions.
Historically, Iron Ore reached an all time high of 200 in November of 2007. Iron Ore - data, forecasts, historical chart - was last updated on April of 2021.
Iron Ore is expected to trade at 178.75 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 156.13 in 12 months time.