Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin fell towards $200 a tonne, the lowest since end-May on higher supply and as some Chinese steel producers were told to cut production. Imports of iron ore to China rebounded, with portside inventories up for the third week to 127.34 million tonnes as of July 18th. Meanwhile, steel producers in Anhui, Gansu, Fujian, Jiangsu, Jiangxi, Shandong, and Yunnan provinces were told to limit their production to 2020 volumes amid China’s efforts to curb carbon emissions. Also, China is considering imposing export tariffs on steel rates ranging from 10% to 25% to tame prices.
Historically, Iron Ore reached an all time high of 229.50 in May of 2021. Iron Ore - data, forecasts, historical chart - was last updated on July of 2021.
Iron Ore is expected to trade at 215.07 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 250.19 in 12 months time.