The iron ore price is expected to reach $150 per
tonne by late 2021, before falling to $93 per tonne by the end of 2022,
according to a report released by Australia’s department
of industry, science, energy & resources.
The figure for 2022
has been revised downward from $109 per tonne, as stated in a previous report
published in June.
“Falling domestic demand for steel in China due to
slower construction activity and the implementation of a number of government
policies has resulted in weaker iron ore prices,” the government said in its
policies in China are also having a significant impact on steel demand so far
in the September 2021 quarter,”