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Japanese media: Global iron ore demand and price “double drop”

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Reference News Network reported on December 25 According to a report by “Nihon Keizai Shimbun” on December 15, the international market prices of steelmaking raw materials used by blast furnace iron and steel enterprises have fallen. The purchase price of iron ore in the first quarter of 2023 will be 20% lower than in the fourth quarter of 2022. Demand for steel fell amid concerns over a slowing world economy. Steelmaking coal (raw coal) demand also fell 2%. Although the spot price of iron ore has an upward trend, it is still unknown whether the market demand can recover. It is hard to predict how much iron ore prices will rise in the next quarter.
The background is the stagnant growth of world steel demand. According to data compiled by the World Steel Association, the cumulative crude steel output from January to October was 1.5527 billion tons, a decrease of 3.9% from the same period of the previous year. Under the background of global interest rate hikes and poor real estate market, the demand for steel has decreased, and the willingness of steel manufacturers to purchase raw materials has declined.

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