Commodity Market Report
Global iron ore short-term outlook May 2024
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Report summary
A steel production uptick in China and additional economic support measures have bolstered the ferrous markets. The 62% Fe fines CFR China price averaged US$117.5/t in May 2024 (+5.9% or +US$6.5/t month-on-month), trading between US$115 and US$120/t. Although total port inventories have reached a new record high for the year, iron ore prices remain resilient. Nevertheless, China faces an increasingly challenging environment this year, with tough conditions in the crucial property market despite recent stimulus measures.
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