Iron-ore outlook clouded by global demand woes, supply risks ironore
Iron-ore prices are on track to end 2022 at their lowest in the last three or four years and will probably languish next year as well, with China and Europe cutting steel output, while pressure mounts from additional supply.
Australia, the world's biggest exporter of the-ore, has projected a drop of 0.6% in global steel output this year to 1.947 billion tonnes, factoring in drops of 2% and 7.1% in China and the European Union, respectively. Analysts at JP Morgan cut their price forecasts for iron-ore last month, to $103 a tonne for the second half of 2022, from $133, and for next year, to $94 from $105.
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