BEIJING : Seaborne iron ore prices are set to climb to as much as $150 per ton in the first half of 2024, according to analysts who have lifted their estimates on expectations of increased demand in China after recent stimulus measures.
The price outlook compares with earlier estimates of $130 per ton, and Monday's level of $135 per ton. It is, however, still far below the record $232.5 a ton reached in May 2021, according to data from consultancy Steelhome.
Iron ore has rallied in recent weeks after China's central government unveiled a series of measures to revive its flagging economy, in particular the ailing property market, a key steel consumer.
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