Economists at ANZ Bank see limited upside in iron ore prices. They have lowered their end of year target to $115/t.

Iron ore prices to sit under $100/t by end-2023

“We expect the market to swing back into a small surplus in 2023. As such, we see limited upside in iron ore prices.”

“We have lowered our end-of-year target to $115/t and expect prices to trend lower in Q4 and into 2023 as the impact of the stimulus measures peter out and iron ore demand weakens.”

“We ultimately see prices at the end of 2023 sitting under $100/t as the market tightness eases.”