Analysts expect the price of iron ore to average over $100 per ton this year, although the crisis in the Chinese housing market is affecting the outlook for the country's steel demand and the global market remains weak.
The global market for this steel raw material will remain in deficit and rising steel production outside China, particularly in India, will boost iron ore consumption.
Iron ore has had a tumultuous run this year, falling by almost a third in the first quarter on concerns over weakening Chinese demand, including fears that the price could fall below $100, before recovering in April. show a relative mutation.
According to the reports, Chinese steel demand growth is expected to slow over the next five years and increase by around 2%. However, India will pick up the pace and record the fastest growth rate in steel consumption in the world. Also, experts believe that the global production of iron ore will grow significantly in the future, so the price of this raw material will maintain its strength.
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