If you’re a shareholder of BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), or Rio Tinto Limited (ASX: RIO), there will no doubt be one metal in particular that is of interest to you – iron ore.
Due to the significant contribution that their iron ore operations have on their respective profits, the iron ore price has a big impact on these mining giants’ success.
This morning, BHP released its production update for the fourth quarter and full year. Within that update the Big Australian revealed that it received an average price of US$113.10 per tonne in FY 2022 for its iron ore. This was down 13% year on year from US$130.56 per tonne in FY 2021.
Investors may now be wondering where iron ore goes from here. In light of this, let’s take a look to see what one leading broker is forecasting for the steel making ingredient.
