Global iron ore short-term outlook November 2022
Iron ore price recovered from below US$80/t at the end of October back to the US$100 mark at the end of November following a significant sentiment boost. However, the rising Covid-19 cases in China and the ongoing slowdown of the property sector will limit immediate demand and price upside. Weakness in steel demand ex-China will continue to cloud price upside in the short term. Supply-side issues have limited the downside, but we will have to wait for 2023 to see any meaningful improvement in demand driven by China’s pro-growth efforts.