Commodity Market Report

Global iron ore short-term outlook May 2023

Get this report*


You can pay by card or invoice

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Iron ore spot prices hit a new low for 2023 at US$97/t, down 27% from the year’s peak of US$133/t in March. Some support was apparent at this level, and the spot price rebounded above the US$100 mark. We continue to maintain our view of weakness in prices in H2 2023 as incremental mined output exceeds incremental demand from China . We expect the iron ore price to average US$108/t in Q2-23 and decline to US$105/t by Q4-23 and hence average US$111/t for the year.

Table of contents

  • Short term outlook - May 2023

Tables and charts

This report includes 1 images and tables including:

  • Iron ore markets snapshot

What's included

This report contains:

  • Document

    Global Iron Ore Markets Short Term Outlook May 2023 (Slides).pdf

    PDF 1.70 MB