More downside ahead for Iron Ore – ING

FXStreet Insights Team FXStreet

Iron Ore has been one of the worst-performing commodities this year. Hopes of a China recovery in the second half of 2023 should provide support in the medium term. The short-term outlook is more bearish, strategists at ING report.

Iron Ore’s rout to continue until China recovers

“We believe the short-term outlook remains bearish with sluggish demand from China suggesting that prices should trend lower. We expect prices to slide to $85/t in the first quarter of 2023 and hover around $90/t throughout the second and third quarters.”

“Prices should be supported in 2H23 due to expectations of a recovery in China and easing Covid restrictions, with prices moving above $95/t in 4Q.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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