BMI Research, an industry research body owned by Fitch Solutions, reported that its iron ore price forecast for 2023 was maintained at an annual average of US$110/ton, with cautious optimism. There are strong risks to the upside as favorable fundamentals are driven by positive sentiment and prices continue to remain resilient.

Falling stocks at China's ports and strong demand from the country’s non-property sectors such as machinery, shipping, automobiles, and infrastructure also helped support iron ore prices.

For the long-term outlook, iron ore prices are expected to follow a multi-year downward trend beyond 2023 as steel output growth slows and global producers increase iron ore output. The iron ore price is estimated to hit $US58/ton in 2032.