Foreign media news on September 21, Kallanish said that jpmorgan Chase revised its forecast for iron ore prices in the next few years, saying that the market outlook is more favorable.
Jpmorgan now expects iron ore prices to follow this trajectory:
2023: $117 per ton (+6%)
2024: $110 per tonne (+13%)
2025: USD 105 per ton (+17%)
"With iron ore supply growth not as strong as expected, the long-term outlook for iron ore has improved slightly this year. Despite weak demand, China's steel production has remained resilient. The surplus of manufactured goods is used for export."
While supply is gradually increasing, especially with exports from Brazil and Australia up 5 per cent and 2 per cent respectively so far this year, this still needs to be reflected in prices as China's demand for raw materials is stable, the bank said.
In August, Goldman Sachs cut its price forecast for the second half of 2023 to $90 a tonne.
Iron ore futures fell on Thursday as traders sought details on China's commitment to speed up the rollout of more policies to cement its economic recovery.
The most-traded iron ore contract for January on China's Dalian Commodity Exchange fell 0.4 per cent to 867 yuan ($118.77) a tonne by 0309 GMT, after rising in both sessions.
The benchmark reference price for the steelmaking ingredient fell 1.2 per cent to $120.40 a tonne on the Singapore Exchange.
