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The iron ore market moves fast, driving critical industries like steelmaking. Shaped by factors such as supply, demand, geopolitics and sustainability, it presents continuous challenges for businesses aiming to stay ahead.
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Several key developments will determine how the global iron ore market performs in the coming months, sources told Fastmarkets this week: uncertainty over China-US trade tensions; the likelihood of Chinese crude steel production cuts; the declining quality and premiums for mid-grade ore from Australia; and the increased use of lower-grade iron.
Iron ore markets face major shifts as an oversupply looms in 2025, driven by weak demand from Chinese steel mills and changing pricing trends. Key players like Vale and Rio Tinto are tackling challenges such as fluctuating shipments, blending practices in China, and a competitive global market.
Major Asian steelmakers have been striving to develop decarbonization technologies for the current blast furnace-basic oxygen furnace (BF-BOF) steelmaking, given the global green steel production drive and large number of existing blast furnaces built in recent years.
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Iron ore 62% Fe fines, cfr Qingdao, $/tonne
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