Aust. Govt predicts iron ore price at $85/t in 2025

Australia's Department of Industry, Science and Resources predicts that the spot price of 62% Fe grade iron ore will average U$85/tonne (FOB, Australia basis) in 2025, down from an estimated average price of around $95/t last year but higher than its previous forecast of $80/t, according to the department's latest Resources and Energy Quarterly report published on March 31.

Spot iron ore prices have been steady in the first quarter of this year after falling throughout much of 2024, report said. Indeed, Mysteel SEADEX 62% Australian Fines fluctuated between $96.6-109.1/dmt CFR Qingdao during January-March, settling at $102.55/dmt on March 31, which is slightly higher than at the beginning