The fear expressed by institutional analysts at the start of the year that 2024 will see some degree of volatility on the iron ore price front seems to be coming true. On April 1, the beginning of the second fiscal quarter, iron ore prices fell to a ten-month low. Costs for the raw steel-making material dipped by 3.9% to U.S. $96.25 a ton on the Singapore Exchange in early trade before recovering.
Related Cesium Wars China and America Battle for the Future of Big Tech A report by Reuters said that where iron ore price fundamentals were concerned, there were indications that China’s robust demand for imported iron ore during Jan and Feb 2024 moderated in March. This, in turn, led to a notable increase in port inventories. China is the primary purchaser of over 70% of the world’s total iron ore via ports.
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