The iron ore price is expected to reach $150 per tonne by late 2021, before falling to $93 per tonne by the end of 2022, according to a report released by Australia’s department of industry, science, energy & resources.
The figure for 2022 has been revised downward from $109 per tonne, as stated in a previous report published in June.
“Falling domestic demand for steel in China due to slower construction activity and the implementation of a number of government policies has resulted in weaker iron ore prices,” the government said in its report.
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