Australia's DISR: Iron ore prices to decline as surplus grows

Iron ore prices are expected to trend downward over the next five years (2026-2031), pressed lower by rising global supply and moderating demand from China, according to the latest Resources and Energy Quarterly report released on July 3 by Australia's Department of Industry, Science and Resources (DISR).

The benchmark price for 61% Fe iron ore is projected to average $91/t (CFR China) this year but by 2031 it will have slid to $64/t (in real terms), the report said. After holding relatively steady through 2025, iron ore prices began to decline in February this year amid slow