Australia's DISR: Iron ore prices to fall gradually through to 2027

Australia's Department of Industry, Science and Resources (DISR) predicts that iron ore prices will fall moderately in the coming years due to weak steel demand and loose iron ore supply, according to the department's latest Resources and Energy Quarterly report published on December 19.

Specifically, the spot price of 62% Fe grade iron ore fines is forecast to average US$87/tonne (FOB, Australia basis) this year, unchanged from the DISR's previous forecast issued in early October and down from 2024's $93/t. Going forward, the price is seen falling to $85/t next year and $82/t