Iron ore prices will likely rule firm for the remainder of the year and gain in 2024 due to the resilience of the steel raw material and hopes of a Chinese stimulus package, analysts and experts say.
However, the World Bank, in its Commodity Outlook, said steel production cuts in China and subdued global economy may drag iron ore prices further in 2024 from an anticipated 11 per cent decline this year.
Currently, iron ore fines with 62 per cent ferrous content are ruling at $130.42 a tonne for delivery in Tianjin, China. Prices are at their highest since May on expectations of robust demand coupled with risks to supply.
Alien Metals Ltd (LON:UFO) is a global minerals exploration and development company that will shortly make the transition to iron ore producer. The company was formed from Arian Silver in late 2018, retaining some of the companies more valuable Mexican projects before embarking on an acquisition led strategy, headed up by an excellent geological team and targeted entirely on Western Australia.