BMI is the research firm belonging to the Fitch Solutions group. In its $20 report, it raised its forecasts for iron ore prices for 2024

BMI indicated in its report that the average price per ton of iron ore in 2024 should be 120 dollars, compared to 100 dollars previously. Noted that iron ore is one of the main export products of several African countries, including Mauritania, Liberia and South Africa. In recent months, Beijing has taken several steps to revive its real estate sector, where iron ore is mainly used in steel production. According to BMI, this improvement in the outlook gives hope for a revival of the Chinese economy, the world's main consumer

Last Friday, this optimism led iron ore futures to record their fifth weekly gain in a row. The unit of Fitch Solutions therefore expects an annual average of $103 per ton between 2023 and 2027