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Commodity Market Report

Iron ore markets short-term outlook December 2022

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15 December 2022

Iron ore markets short-term outlook December 2022

Report summary

Iron ore prices rose to the highest level in four months, in excess of US$110/t, as the Chinese economy is reopening. But we will have to wait for the spring in China to see fundamental support from the demand side. We anticipate an improving macro backdrop in China (particularly in H2 2023) while the mined supply will remain relatively tight through 2023. Leading miners like Vale and Anglo America snipped their 2023 production guidance. With markets staying balanced, we continued to maintain our iron ore price view for 2023 at US$100/t CFR.

Table of contents

  • Short term outlook - December 2022

Tables and charts

This report includes 1 images and tables including:

  • Iron ore markets snapshot

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    Iron ore markets short-term outlook December 2022

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