Iron ore prices have held at elevated levels for most of 2025, but next year’s fundamentals point to a more bearish environment. This is set to be shaped by shifting sentiment around China’s growth trajectory and the pace at which new supply, especially from Simandou, materialises. China remains the single most important swing factor for iron ore demand, but the nature of its demand is changing. While the property market shows little sign of a meaningful recovery, which has eroded a key pillar of steel consumption, Beijing has a renewed focus on infrastructure investment, particularly in transport, energy and ... (full story)