Aust. Govt sees iron ore price averaging $98/t in '23

Australia's Department of Industry, Innovation and Science expects the spot price for 62% Fe grade iron ore fines to average around US$98/tonne (FOB, Australia basis) for calendar 2023, slightly lower than its prior prediction in April of $100/t and last year's average of $103/t, Mysteel Global noted from the department's latest Resources and Energy Quarterly report.

"Risks to global (iron ore) demand recovery remained skewed to the downside, with a more pronounced global economic slowdown risking further weak conditions in the steelmaking sector," the report explained. For example, China – accounting for almost 60% of global iron ore demand – saw a slower recovery in its steel