4.1 Summary
downside risks to iron ore prices over this period. From a forecast average price of around US$110 per tonne (FOB) in 2022, the benchmark iron ore price is projected to average US$90 per tonne in 2023 and around US$70 per tonne in 2024 (Figure 4.5). Figure 4.5: Iron ore price outlook, quarterly . Notes: China import iron ore fines 62% Fe spot (FOB)
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