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Iron Ore & Steel Outlook

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Expert iron ore and steel market insights

Our quarterly iron ore and steel outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for the iron ore and steel futures and spot prices are analysed. Our research team produce iron ore and steel price range forecasts as part of the report.

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Latest

Iron Ore & Steel Outlook – Q2 2025

Iron ore prices continued to decline in 2025 due to rising supply and weakening demand, with concerns exacerbated by high Chinese steel output and trade tensions. The reinstatement of a 25% tariff on steel imports led to a sharp rise in domestic steel prices without reviving iron ore demand. Despite the ongoing challenges China faces, both internally and externally, we expect iron ore prices to remain above $90/mt, supported by production cost floors.

Metals

As we enter the second half of Q2 2025, markets remain gripped by tariff uncertainty, with Trump’s trade agenda continuing to drive global risk sentiment. Volatility has rippled across FX, bonds, and commodities, as investors weigh the trajectory of trade negotiations and the looming end of the 90-day tariff pause. With diplomacy fragile and positioning increasingly tactical, what lies ahead for metals markets in May and June?
Quarterly Metals Report

Quarterly Metals Report Archive

Iron Ore & Steel Outlook – Q1 2025
Iron Ore & Steel Outlook – Q4 2024
Iron Ore & Steel Outlook – Q3 2024
Iron Ore & Steel Outlook – Q2 2024
Iron Ore & Steel Outlook – Q1 2024
Iron Ore & Steel Outlook – Q4 2023
Iron Ore & Steel Outlook – Q3 2023
Iron Ore & Steel Outlook – Q2 2023
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