Seaborne iron ore prices inched higher on Friday December 31, with market sentiment being supported by resumed production at mills and the removal of production curbs in Tangshan, sources told Fastmarkets.
Australia extends iron ore price outlook above $100 per tonne to late 2021 Australia expects the iron ore price to stay above $100 per tonne until late 2021 - instead of mid-2021 as it said in a previous report - and decrease to $72 per tonne by the end of 2026. This iron ore price outlook for the rest of 2021 is supported on strong demand from China and concerns about disrupted supply in Brazil, Australia’s Department of Industry, Science, Energy & Resources said in its resources and energy quarterly report released on Monday March 29.
On the iron ore supply side, Australia expects challenges from competitors such as South America and Africa who should increase iron ore output in the coming years, but global iron ore markets should remain tight with slow growth in both supply and demand over the next five years, Fastmarkets heard.
The spread between prices for 65% Fe iron ore and 62% Fe products will likely remain wide in the near term due to tight supply of high-grade Carajas fines, market sources told Fastmarkets this week.
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