Fortescue puts more shipping runs on the board in December quarter

Apparent consumption of five major steel products slipped by 2.1% week-on-week.

The estimated closing date was revised to the first quarter of 2025.

BMO Capital Markets has lowered its demand estimates for next year on the anticipation that higher tariffs and multilateral trade friction could tamp down industrial output.

"Winter restocking of iron ore among steel mills is still underway, so we believe ore prices will find some support in the near term," analyst says.