Commodity Market Report
Global iron ore short-term outlook July 2024
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Report summary
Iron ore prices remain under pressure from low demand and weak market sentiment. The 62% Fe fines CFR China price averaged US$105.7/t in July 2024, a slight decrease month-on-month. Expectations of steel output cuts are clouding the outlook. We anticipate a peak in Chinese hot metal production and abundant supply with inventories at Chinese ports rising again to their highest level since early June. Therefore, we forecast that 62% Fe fines CFR China prices will remain subdued throughout the year, averaging US$110/t in 2024 and US$100/t in 2025.
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