Commodity Market Report
Global iron ore short-term outlook June 2023
Report summary
In June, iron ore spot prices recovered to US$113/t amid hopes that the Chinese government will introduce additional stimulus measures to support an uneven and fragile economic recovery. While the increasing narrative around stimulus measures has sparked renewed market optimism, iron ore demand will continue to face headwinds in H2 2023. We expect the iron ore benchmark to trade around US$105/t through H2 2023 and at an average of US$100/t in 2024 as increasing supply meets poor demand in H2 2023.
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