Analysts anticipate seaborne iron ore prices to rise to $150 per ton in the first half of 2024, up from earlier estimates of $130 per ton, driven by increased demand in China following recent economic stimulus measures. China, a major global iron ore consumer, has implemented measures to revive its economy, particularly its struggling property market. The positive sentiment, along with falling port inventories and robust demand from non-property sectors, is expected to contribute to price resilience. Tight global supply and competition for shipments further support the outlook, while analysts predict a price decline in the second half of 2024 if shipments increase and steel output in China is capped. The price range for 2024 is forecasted between $90 and $150 per ton.

SOURCE: GOOGLE