The balance of risks for iron ore prices are tilted to the downside despite top buyer China's most recent steps to boost its struggling property sector.

In April, China's state planner said the government will continue to manage crude steel output in 2024.

For Indonesia it's a vindication of its policy of forcing miners to move downstream by banning ore exports from 2020.

Investors are looking to cash in following a blistering rally in industrial metals markets.

Chinese imports have already been strong in recent months.

The quota is likely to reach 270,000 metric tons for all of 2024.

Construction of the plant is projected to take approximately 12-15 months, with start of operations targeted for late 2025.

Chinese investment in Africa increased 114% last year.