The iron ore price on the global market is being pushed down to 103.35 dollars per ton, a decrease of 2.6 percent. The price is falling since the market has been disappointed by vague announcements about economic stimulus in China – one of the world's major iron ore buyers.
Iron ore cost over 140 dollars per ton at the beginning of 2024, but had lost to just over 90 dollars per ton by September. And the prospects look bleak according to most analysts in 2025 – when they expect continued dampened demand in China and increased production globally.
Overproduction is still the major problem facing the steel market, says Jiang Mengtian, analyst at the consulting firm Horizon Insights.
He expects the price to fall to 80 dollars per ton in the future and that some production will be knocked out by price pressure in 2025.
Sweden is the EU's largest producer of iron ore, with mines in Norrbotten, the Skellefteå field, and Bergslagen.
