Commodity Market Report
Global iron ore short-term outlook April 2024
Report summary
The iron ore market remains full of surprises. Weak downstream demand in China post-Chinese New Year caused prices to trade below US$100/t. Fast-forward a couple of weeks, and prices have rallied by US$20. While the 62% Fe fines CFR China price only averaged US$111/t in April 2024 (+1.3% or +US$1.4/t month-on-month), the price showed an upward trend throughout the month. A steel production uptick in China, coupled with further Chinese support for its economy, supported the ferrous market. Price gains, however, will be capped by persistent concerns over the state of the Chinese property market.
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