Iron ore prices remain stable despite growing concerns over China’s economic outlook
ViaConcern over China’s economy notwithstanding, iron ore remained relatively stable in September and October. This is of note because historically, these months are one of China’s highest peak demand periods. That said, whether the iron ore price will continue to weather the economic storm remains a point of intense debate.Let’s get the facts straight first. Iron ore price continued to move in the US $91 to $120 a ton range, as it has for the last three months.
Indeed, China buys nearly 70% of seaborne iron ore volumes. This, in turn, accounts for about 50% of global steel output. Naturally, it is a key factor in determining iron ore prices. Back in 2021, for instance, China bought about 70% of the world’s total iron ore exports to the tune of about $180 billion.
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