Supply concerns cushion iron ore prices amid COVID-19 demand destruction

S&P GLOBAL PLATTS | Seaborne iron ore prices remained largely supported in the first quarter as a seasonal tightening in supply buffered the demand destruction in China wrought by the coronavirus outbreak, but has entered unchartered territory in Q2 as demand picks up in China while cargoes destined for Europe hunt for new homes.


The escalation of the coronavirus outbreak in China in the lead-up to Lunar New Year led to iron ore prices falling to $84.95/dmt CFR China on January 28, dipping below the $90/dmt mark for the first time since early December.


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