Australia's DISR: iron ore price to average $87/t in 2025

Australia's Department of Industry, Science and Resources (DISR) predicts that the spot price of 62% Fe grade iron ore fines will average US$87/tonne (FOB, Australia basis) in 2025, higher than its previous forecast of $83/t issued at the end of June but still below last year's average of $93/t, according to the department's latest Resources and Energy Quarterly report published on October 7.

By the end of the first half of this year, iron ore prices had fallen to their lowest level in five years, following the import tariffs announced by the US government. However, prices have gathered momentum since the start of H2, driven by China's announcement of a huge hydropower