Will iron price go down in 2022? CBA forecasts iron ore prices will fall to US$120 per tonne by the end of September and finish 2022 trading for US$100 per tonne. Gazing further ahead, CBA analysts see a further 20% slide the following year, with iron ore trading for US$80 per tonne at the end of 2023 and likely staying in that range into 2025.
Is China buying iron ore? China imports 1.1 billion tons of iron ore annually, at a cost in 2021 of about $180 billion.
Why are metals falling? With the recent increase in export duties, the steel companies might be forced to sell their products domestically. Now, as per the theory of supply, when the supply increases, the price falls. Therefore, the increased supply of steel domestically will lead to a decrease in its prices.
What is the outlook for iron ore price? Fitch Solutions said: We are revising upwards our iron ore price forecast for 2022 and 2023 from US$90/tonne and US$75/tonne to US$120/tonne and US$110/tonne respectively, as prices reversed course in December 2021 and are embarking on an uptrend after collapsing in mid-2021.