Commodity Market Report
Global iron ore short-term outlook January 2024
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Report summary
Prices have been volatile over the last month. Near-term concerns around downstream demand in China during its weak construction season remain; however, restocking efforts and stimulus headlines provide renewed support to prices. January prices averaged US$135.5/t, broadly flat month-on-month, but prices have traded in a US$16/t range. While the market is still betting on China’s policy support translating into an uptick in downstream steel demand, rising concerns over a soft growth outlook should start cooling down iron ore prices through 2024.
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