Iron ore prices sank below $90/t for the first time since 2022 yesterday as China gloom continues to deepen. Iron ore is one of the worst-performing commodities so far this year, with prices now down about 33% year-to-date. We believe price risks are increasingly skewed to the downside for the industrial metal as the outlook in China, the biggest buyer, continues to deteriorate. Iron ore port holdings in China continue to rise, now back above 150 million tonnes and standing at their highest ever for the time of year, a sign of abundant seaborne supplies.
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China Iron Ore Price Index Falls In March End
Gold Silver Reports — Chinas iron ore price index (CIOPI) was 293.68 points on March 30th, reducing by 0.58% of 1.71 points compared with the same period of last month.