Seaborne iron ore prices climbed to about $135 a tonne in late November 2023, with analysts forecasting they could reach $150 in the first half of 2024 on expectations of further stimulus in China. Prices had ranged between $99 and $137 a tonne during the year, defying earlier forecasts of a sharp fall. The resilience reflected stronger than expected Chinese steel exports and growing demand from infrastructure, manufacturing, shipping and autos, which partly offset the decline in the property sector. China's iron ore imports rose 6.6 percent year on year to a record 977 million tonnes over January to October. Beijing's measures to support the economy, including extra government bond issuance for infrastructure, kept sentiment positive, although the World Bank warned that steel production cuts in China could still drag prices lower.
Source: Engineering News — https://www.engineeringnews.co.za/article/iron-ore-poised-to-hit-150-in-2024-on-chinese-stimulus-analysts-say-2023-11-29
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