The ferrous complex plods on, caught between conflicting forces. On one hand, there is the approach of major projects like Simandou, Capanema, and Gara Gjeblet. On the other, the shutdown of Chinese green steel plants is creating uncertainty in the market.

Amidst these opposing influences, the balance is maintained by unusually solid blast furnace output for this season.

Honestly, if you had shown me that chart back in 2019, I would have predicted iron ore prices to fall to $20. Indeed, that was my expectation at the time.
https://www.macrobusiness.com.au/2025/09/iron-ore-20/