Global iron ore short-term outlook April 2023
Iron ore prices are losing support from the first quarter's positive sentiment and concerns about restocking demand as Chinese demand struggles. However, we expect a bit more strength in coming months driven by construction seasonality in China and relatively lower stocks. We continue to maintain our view of weakness in prices in H2 2023 as rising supply is met with weakening Chinese demand. We expect the iron ore price to average US$115/t in Q2-23 and decline to US$105/t by Q4-23 and hence average US$114/t for the year.