JP Morgan raise their forecasts for iron ore citing ‘resilient’ China | Forexlive

JP Morgan analysts with a note on mining stocks, Rio Tinto and others re iron ore are being viewed favourably.

On China JPM have this to say:

• China steel demand has proven more resilient as infrastructure demand offsets poor property sector demand (both ~30% of China steel demand) and excess output is finding its way to the export market.
• With the iron ore market relatively more balanced medium term, we raise our 2023-25 iron ore price forecasts +6%/+13%/17%

For the FX folks a higher iron ore price will be a tailwind for the Australian dollar.

Having said that, the price of iron ore has already rallied, and you can’t say the same for the AUD really – its barely off its 2023 lows: