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Iron Ore Just Shy Of 2021 Highs

AUD

One aspect that could be supportive for AUD is upside in iron ore, futures have been higher every day this week and in Singapore prices are back over $210 for the first time since mid-May. In China iron ore imports are strong and supported by resilient steel demand. In the first half of 2021 China's iron ore demand was 2.6% higher Y/Y, this is despite pushback from China against high commodity prices and a crackdown on emissions.

  • Also supportive for iron ore is an upgrade in price forecasts from Goldman Sachs, who were hot on the heels of Credit Suisse and Citi. Goldman raised its forecast for iron ore prices in the second half of the year to $195 from $117 and cited lack of material supply response to high prices and lack of plans to increase output by major producers.
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