Citi Says Iron Ore Prices Could Reach $130/mt By Year-End If China Steps Up Policy Stimulus

Published: Nov 3, 2023 17:59

Save

Citi said the recent rise in iron ore prices could continue if China steps up policy stimulus, with the steelmaking commodity expected to hit $130/mt by the end of the year.

Iron ore prices have risen this week to their highest level in more than five weeks on hopes of stronger demand from China. Vale SA, one of the world's largest iron ore producers, also said there were upward risks to iron ore prices after the Chinese government made clear its support for infrastructure construction activities.

Market forecast

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Mar 13, 2026 18:30

Strong Cost Support Remained; Ferrous Metals May Hold Up Well in the Short Term [SMM Steel Industry Chain Weekly Report]

This week, ferrous metals rebounded from the bottom. At the start of the week, coking coal and coke led the futures higher, mainly driven by rising crude oil prices in the overseas market, which pushed the energy and chemicals sector stronger accordingly; mid-week, both the U.S. and Iran signaled a more relaxed stance toward war, easing geopolitical tensions, while coal prices fell in tandem, weakening the cost-side logic, and ferrous metals fluctuated at highs; in the latter half of the week, worsening short-term liquidity issues in BHP's iron ore port inventory triggered stronger iron ore prices in the overseas market, while the Middle East situation remained volatile, reinforcing cost support and pushing ferrous metals higher again. In the spot market, supported by futures, end-user and arbitrage purchase sentiment both improved WoW this week......

Mar 13, 2026 18:30

Mar 13, 2026 18:14

[SMM Daily HRC Trading Volume] Futures Hovered at Highs, Spot Trading Changed Relatively Little

[SMM Daily HRC Trading Volume] On March 13, the total daily HRC trading volume of sample enterprises in SMM's four cities (Shanghai, Lecong, Tianjin, Ningbo) was 15,910 mt, down 40 mt day on day (-0.3%), down 11.27% YoY on a calendar basis, and up 12.20% YoY on a lunar calendar basis.

Mar 13, 2026 18:14

Mar 13, 2026 17:59

MMi Daily Iron Ore Report (March 13)

The continuous iron ore contract opened with a gap up today, showing strength in the early morning but weakening in the afternoon. The main contract, I2605, eventually closed at 811.5 CNY/ton, up 2.33% from the previous trading session.

Mar 13, 2026 17:59