Signs of better downstream demand key to iron ore price recovery in Q1
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Update time : 2023-01-11 19:17:55
Steelmakers, having experienced at least eight months of weak margins may finally be seeing a light at the end of the tunnel come first-quarter 2023, driven by hopes of a near-term improvement in downstream demand.
Underpinning these expectations are India's removal of export duties for pellet mid-November, China's abandonment of its zero-COVID policy and its expressed aim of reviving the property market.
Platts-assessed 62% Fe iron ore index recovered in the fourth quarter of 2022 by 22.3% to close at $117.35/dmt CFR China Dec. 30, S&P Global Commodity Insights data showed. The index bottomed out at $79.50/dmt CFR China on Oct. 31, 2022; last seen treading above the $100/dmt mark on Sept. 15.
