Iron ore price expected to ease over next 5 years on slower demand growth and more supply

Despite iron ore rebounding strongly in early 2023, after falling more than 50% in the second half of 2022, prices are expected to ease over the next 5 years on slower demand growth and more supply.

The higher prices seen in recent months reflect a partial recovery in Chinese steel production, as the country reopens following the end of the zero-covid policy.

Benchmark 62% Fe fines imported into Northern China fell 1.47% on Tuesday, to $120.65 per tonne, pressured by higher shipments and fears about government intervention.