Australia lowers iron ore price outlook below $100/t by 2022

Australia expects the iron ore price to stay at around $150 per tonne until late 2021, before falling to $93 per tonne by the end of 2022, according to a report released on Thursday September 30.

The figure for 2022 has been revised downwards from $109 per tonne, as stated in a previous report published in June.
Falling domestic demand for steel in China due to slower construction activity and the implementation of a number of government policies has resulted in weaker iron ore prices, Australia's department of industry, science, energy & resources said in its quarterly resources and energy report.
Weakening iron ore demand

Steel demand from the construction sector has weakened amid efforts by China to cool its overheating property market and deleverage the significant levels of debt in its economy....

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