International credit rating agency Fitch Solutions’ BMI Country Risk and Industry Research unit has maintained its iron ore price forecast for 2025 at $100/mt, according to media reports. Nevertheless, iron ore prices remain under downward pressure due to weak demand in China against the backdrop of its sluggish real estate industry despite recent stimulus policies.
Iron ore prices will likely be influenced by potential stimulus announcements in China.
In the long term, BMI forecasts iron ore prices to decline from $110/mt on average in 2024 to $78/mt in 2033, reflecting the slow demand growth in China as the country shifts its economic focus towards less steel-intensive industries.