Iron ore prices experienced a robust increase in 2023, averaging above $100 per ton throughout the 12 months. The average price for a ton with 62% iron closed December at $140.5, marking a 19.73% increase compared to December 2022, when it ended the year at $117.35 per ton. Daniel Sasson, an analyst at Itaú BBA, describes 2023 as a “curious” year for iron ore. With an annual average price of $120 per ton, the commodity maintained the same level as 2022. On the supply side of ore, Sasson notes that the four major players – Vale, BHP, Rio Tinto, and Fortescue – announced production estimates virtually unchanged from 2023. “In a scenario of limited supply and still reasonable demand, prices may stay above $100 per ton in 2024,” he assesses. Itaú BBA projects an average price of $110 per ton in 2024.
Source: Valor Econômico/Datamar News