China's steel demand is set to slow. That could dent iron ore prices by nearly 30%
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Update time : 2023-03-31 16:31:47
Iron ore prices could decline as much as 28% by the end of 2023 on the back of a dip in Chinese steel demand and output, experts forecast.
Morgan Stanley analysts say iron ore prices will fall and cited subdued production from the world’s leading steel producer China, as well as the country’s turn toward steel scrap.
Analysts say there’s still upside potential for iron ore prices in the coming months, as China reopens and eases Covid-19 restriction. But they do not expect the strength of China’s steel production or demand to last beyond the second half of this year.
