Market analysis firm BMI, a Fitch Solutions company, has revised down its 2024 iron-ore price forecast from an average of $120/t to $110/t, as subdued demand in mainland China amid the ongoing property downturn continues to exert downward pressure on the iron-ore market.

In its market commentary published on August 22, the company said that iron-ore, at 62% iron content, prices at Qingdao Port were currently hovering below $100/t, about $88/t as of August 16, marking the lowest level since November 2022, with the year-to-date average in 2024 thus far being $109/t.