Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
The globe’s most active steel future – Shanghai rebar for January delivery – dropped to a record low of Rmb3,607 ($567) per tonne on Monday sending the price of iron ore – a primary steelmaking ingredient – tumbling.
Iron ore prices dropped to fresh multi-year lows with the benchmark import price of 62% iron ore fines at China’s Tianjin port sliding almost 1% to $109.30 a tonne on Monday. Support for the commodity is now seen at $100 a tonne.
Chinese import prices – the country is responsible for consuming 60% of the world’s iron – are now the lowest since December 2009.
Iron ore has only enjoyed three up trading days over the last six weeks of trading according to data provided by Steelindex.
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