Iron ore: 5 things to look for in 2023
The global iron ore market will continue to witness fluctuating growth trends in 2023, as policy volatility in China and energy inflation woes will beset the market. Miners’ investments will be oriented towards strengthening product portfolios, decarbonising mine sites, acquiring new technologies, and leveraging capabilities to maintain growth during challenging times. We believe that Chinese hot metal production has peaked, and the country’s demand for iron ore will decline in the coming years. But could China’s demand surprise on the upside in 2023? What impact could China’s CMRG have on iron ore prices by centralising iron ore purchases? Will the progress made in 2022 in Guinea with the Simandou project continue unabated in 2023?