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Commodity Market Report

Iron ore markets short-term outlook February 2023

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28 February 2023

Iron ore markets short-term outlook February 2023

Report summary

Sentiment in both steel and iron ore remained positive this month. Iron ore consolidated above US$125/t in February as the market is factoring in China as the stabilising force in 2023. We expect to see Chinese iron ore demand continue to gradually improve going forward, lending price support throughout the seasonal increase in construction activity in China. We have increased our price forecast for 2023 to US$115/t to account for the current price strength. However, we expect to see the current optimism that is providing support to prices to fizzle out later in the year as supply seasonally improves.

Table of contents

  • Short term outlook - February 2023

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This report includes 1 images and tables including:

  • Iron ore markets snapshot

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    Iron ore markets short-term outlook February 2023

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