Commodity Market Report
Global iron ore short-term outlook August 2024
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Report summary
The 62% Fe CFR China price averaged US$98.7/t in August, down by US$7.0/t or 6.6% compared to the previous month. China's ferrous market faced significant pressure due to voluntary production cuts that failed to counteract the sharp decline in steel demand. Looking ahead, China’s voluntary production cuts across both integrated and EAFs remain a key concern, as these exert downward pressure on raw materials. However, some demand improvement following the off-peak season could act as a counterbalance.
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- Short-term outlook - August 2024
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