In a broad commodities update, Ms Bain said she expects iron ore to be at $US100 a tonne at the end of the June quarter, $US99 at the end of the September quarter and $US100 at the end of 2024.
“Given subdued demand, regional steel prices are likely to come under downward pressure this year. We expect prices in China to fall as supply continues to outstrip domestic and foreign demand.
“In the US, steelmakers plan to expand output, but we think demand will be weaker than they expect. Meanwhile, lower interest rates will only offer scant support to prices in Europe as economic growth remains weak"...