The report pointed out that the benchmark iron ore price is projected to average around US$100/mt in 2023, around US$84/mt in 2024 and around US$76/mt in 2025.Following a strong rebound in iron ore prices to a peak of over US$120/mt in the June quarter, the benchmark iron ore spot price fell to around US$108/mt in August this year.Even though iron ore prices fluctuated in the April-September quarter, they have generally moderated since the beginning of this year, due to slowing global economic growth and weakness in the Chinese property sector.The export earnings forecast for the fiscal year 2023-24 has been revised up from A$110 billion in the previous report, reflecting a lower-than-expected exchange rate, slightly higher prices and a small increase in volumes.The price falls reflect slackened demand from Chinese mills.
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