CRU
March 3, 2024
CRU: Iron ore prices down to four-month low on growing pessimism
Written by Liz Gao
Price update
The strong resilience of iron ore prices has come to an end with the weak steel performance worldwide and significantly improved iron ore availability in China. This price fall has occurred as we have seen plenty of short-term iron ore supply disruptions, but the market remains well supplied, especially considering the rising inventory in China. As much of this this supply returns to the market in the coming months, we expect further pressure on iron ore prices, and we have lowered our 2024 price forecast from $117 per dry metric ton (dmt) to $115/dmt.
