Global iron ore short-term outlook December 2022
Iron ore prices rose to the highest level in four months, in excess of US$110/t, as the Chinese economy is reopening. But we will have to wait for the spring in China to see fundamental support from the demand side. We anticipate an improving macro backdrop in China (particularly in H2 2023) while the mined supply will remain relatively tight through 2023. Leading miners like Vale and Anglo America snipped their 2023 production guidance. With markets staying balanced, we continued to maintain our iron ore price view for 2023 at US$100/t CFR.