Others include India, Russia, Ukraine and South Africa. The 2021 forecast was lifted by 5% to $58/mt from $55/mt. UBS said prices were unsustainable at these levels and expected iron ore to fall back below $100/t by the end of the year. Consultancy firm Fitch Solutions has raised its iron-ore price forecast for this year from $80/t to $90/t. Is used to make steel for infrastructure and other construction projects. Looking further ahead, Vale’s previous pea… Coronavirus outbreak to weigh on global steel markets. Publish your articles and forecasts in our website. Iron ore surged past $100 a ton in the first half after disruptions in Brazil curbed shipments just as Chinese mills churned out a record volume of steel. Segmentation Analysis. The iron ore production in Russia which is over 25,000 million metric tons is expected to propel the demand for iron ore in Europe during the forecast period. Iron ore prices could benefit as a cautious post-COVID-19 economic recovery begins in China, the world’s biggest consumer of the steel-making ingredient. Over at CBA, it is a similar forecast, with forecasts iron ore prices transitioning through the $90s and the $80s in time. Iron Ore - data, forecasts, historical chart - was last updated on November of 2020. It boosted the forecast for this year by almost 30% and also raised its 2021 outlook. The Trading Economics Application Programming Interface (API) provides direct access to our data. With the state now facing a much gloomier economic outlook due to the coronavirus downturn, the price of iron ore has already lifted about 30 per cent and analysts say it is approaching $US100 ($150) a tonne. “Chinese demand for iron ore has thus far proven to be relatively robust, despite the impact of Covid-19 and the shutdown of significant sectors of the Chinese manufacturing industry,” the department said. Treasury is sticking to its US$55 a tonne price forecast for 2020. Iron Ore. Will Iron Ore Prices fall Below USD 50/t in 2018 ? Global Investors Keep Pouring Money Into Asia’s Red Hot Mark... Rent-A-Muni Issuer Scored Market Access for Bond Now at 11 C... Stocks Drop With U.S. Futures as Virus Cases Rise: Markets W... Japan’s Suga Doubles Down on Travel Bet in $700 Billion Pack... Thailand Approves $748 Million Plan to Boost Consumer Spendi... Egypt Lays Out What Bond Investors Craving Yield Can Expect. That compares with forecasts of $US42 for this year, $US44.10 in 2017 and $US51 by 2020, according to the bank's report in January, when it said it expected iron ore … Download historical data for 20 million indicators using your browser. This price is free-on … Poised for Vaccine, Outbreak Set to Worsen: Virus Update. Have a confidential tip for our reporters? In other words, half of last year’s losses will be recovered in just one year,” Research Director Paul Gray said in the media release. Australia’s iron ore price outlook 2020 2021 2022; Free-on-board iron ore, 62% content: $79.50/ton: $71/ton: $64.80/ton Monthly price chart and freely downloadable data for Iron Ore. Price in US Dollars per Dry Metric Ton. Iron ore market forecast up to 2029 Detailed analysis of iron ore market in a country is available covering data on capacity (by plant), production, consumption, trade, prices and market forecast. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Iron Ore Forecasts Energy & Metals Consensus Forecasts™ is the result of a comprehensive monthly survey of over 40 of the world’s most prominent commodity forecasters covering over 30 individual commodity price forecasts including iron ore. Beyond this year, prices are set to retreat as supplies are restored, though a significant global economic recovery expected in 2021 will create a supportive price floor, the department said. Australia’s iron ore exports are expected to total 866 million tons in 2020, down from a March forecast of 892 million, and increase to 903 million tons next year. “At this stage, it is not expected that Chinese demand will fall significantly, though the ongoing decline of consumer spending in OECD nations will increase the dependence of the Chinese steel industry on domestic stimulus measures.”. China’s imports are expected to increase to 1.12 billion tons this year, though that estimate is lower than a previous forecast for 1.3 billion. World demand for iron ore is far from peaking, and the substantial price decline that has captivated commentators since early 2014 is not the result of widespread misreading by producers of the prospects for global market growth. (Flickr: Tauno Tõhk / 陶诺) Brazilian miner Vale on Wednesday unveiled iron ore production targets that ... Consumer spending will to return to normal first, as forecast in the budget. Many commodities have watched their prices drop, but iron ore is one exception; its price has surged to levels not seen since 2014. Purchases are expected to climb in 2021 and reach 1.3 billion in 2022. It’s also aided miners BHP Group and Rio Tinto Group, while Fortescue Metals Group Ltd.’s stock has jumped more than 30% this year. Prices will fall, with annual average price forecast for 2020 at $80/t. “Wood Mackenzie forecasts an accelerated recovery in shipments from Q1-20, resulting in a 30 million tonnes (Mt) rise in seaborne exports from Vale in CY 2020. The global iron ore market outlook has been segmented based on product type, form, end-use industry, and region. Uncertainties remain regarding the development of the Covid-19 pandemic over the winter months, but prices are likely to maintain their momentum in the near term. World steel consumption is expected to contract 6% this year, due to the coronavirus and slowing economic growth, before expanding 5% in 2021. Trending. Top iron ore shipper Australia predicts elevated prices will stay for the rest of 2020 as Chinese demand strengthens and supply is slow to increase. Top Searches Holiday Gifts. The Wood Mackenzie team expects Q1 exports to be strong, paving the way for a total increase of 30 million tonne… We currently forecast that iron ore prices will average US$81/t over 2020. Recent price movements provide little useful insight into the industry’s longer-term fortunes, apart from reminding mining companies that their businesses need to be robust against the volatility and inescapable cyclicality of mineral commodity markets. "$90 a tonne this year looks a little conservative, we have $80 pencilled in for 2020." Iron ore markets - short-term outlook - November 2020 27 November 2020 Having briefly dipped to $117/t CFR at the start of November, the benchmark 62% Fe fines index hit $130/t CFR in the final few days of the month. Iron Ore (62% CFR China) Price: Change: October 2020: $121.44-3.71%: September 2020: $126.08 +4.74%: August 2020: $120.37 +13.80%: July 2020: $105.80 +3.40%: June 2020 5 results. Devastating circumstances affecting the world’s top producers, Brazil and Australia, along with booming demand in … In its December 2019 edition of the Resources and Energy Quarterly, the Canberra-based unit pegged the average iron ore price for 2020 at $61.70/mt, which is 3% higher than the $60/mt forecast it gave in its September edition. Looking forward, we estimate it to trade at 108.12 in 12 months time. The biggest producers of iron ore are China, Australia and Brazil. Specifically, the bank has lifted its 2020 forecast to $US96.70 a tonne from $US86, its 2021 forecast to $US85 from $US71.30 and its 2022 forecast to $US75 from $US65. 2007-2020 Data | 2021-2022 Forecast | Price | Quote | Chart | Historical. Prices are expected to largely hold at current levels over the remainder of the year, albeit drifting slightly lower in the second half, the Department of Industry, Science, Energy & Resources said in a quarterly report. Falling demand in the steel-intensive construction sector may limit further upside for the iron ore price. A mixture of trends were forecast for steel, iron ore and coking coal prices in 2020 at the London Metal Exchange Ferrous Focus session 2020. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. 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