The fall of Iron ore prices

As of July 2022, the price of iron ore is at 119.00USD. According to Commonwealth Bank of Australia or ASX:CBA, the iron ore price is expected to fall to 120USD per tonne by the end of September and by the end of 2022, its value will eventually be 100USD per tonne.

This price decrease is mainly caused by the current crisis that we are facing, the Coronavirus or COVID-19. It is still expected to fall in 2023 and it can eventually reach 80USD per tonne. Back on March 11, 2020, the World Health Organization (WHO) declared the novel coronavirus (COVID-19) outbreak a global pandemic. Since it can be transmitted through respiratory droplets and other bodily fluids, protocols were set to limit the transmission. Face masks, social distancing, and frequent sanitizing were all mandatory. Businesses, schools and other institutions were forced to shut down in accordance with the safety health protocols. All of us were greatly affected, including the mining industry. Production stopped because people were restricted from going outside of their own homes. The COVID-19 outbreak affected our entire population most especially the members of those social groups in the most vulnerable situations.

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