China's current iron ore strength may be as good as it gets for 2023

The risks to the bullish drivers of the spot iron ore price are rising as the market starts to question the nature and strength of China's economic recovery, while the chances of a global economic hard landing mount.

Benchmark 62% iron ore for delivery to north China , as assessed by commodity price reporting agency Argus, ended at $121.60 a tonne on Wednesday, a two-month low.

The price has dropped 8.8% since hitting $133.40 a tonne on March 15, which was the highest since June last year.