The price of iron ore has taken another leap upward despite a new report from the World Steel Association that predicts a slowdown in global demand in 2018.
The estimated price of ore from 62% Fe increased by 4% to $ 62.40 per ton for North China. Iron ore averaged $ 72 per ton this year, up from $ 56.50 during 2016.
Global steel demand is expected to rise to 1.6% next year after a robust 2017, thanks largely to strong expansion in China, which consumes as much steel as the rest of the world.
Steel demand in China is expected to increase by 3% in 2017, higher than the previous forecast in line with the global market, but the outlook for 2018 remains low.
According to Worldsteel forecasts, in 2018 global steel demand will reach 1.65 billion tons, while Chinese demand will reach 882 million tons, which is 3% more than this year.
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