Iron ore prices take a hit on weak demand amid surge in Platts-observed spot activity: 2022 review
Lackluster steel demand and mill margin woes saw buying interest take a hit and iron ore prices hampered in 2022, and the volume of spot activity observed by Platts both on the Market on Close assessment process and outside of it reaching a record high.
Amid signs of market recovery in 2023, let's take a close look at how the spot market fared through 2022.
The Platts 62% Fe IODEX kicked off 2022 at $119.50/dmt Jan. 3 and dipped to $79.50/dmt Oct. 31 before recovering 48% from the trough to close at $117.35/dmt Dec. 30, S&P Global Commodity Insights data showed.
