Global iron ore short-term outlook May 2023
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.