As the coronavirus outbreak continues to curb production activity in China, AME forecast the 62% Fe fines iron ore CFR China price to average US$86/t in 2020, down 7.7% from 2019. For 2021, AME forecasts the price to average US$75/t as the supply and demand markets remain weak over time. In the short term, AME expects global iron ore demand to fall by 0.2% to 2243Mt in 2020 due to the coronavirus pandemic, and then rise by 2% to 2287Mt in 2021. Global iron ore supply is expected to grow by 3.4% in both 2020 and 2021, respectively.
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