Citi’s iron ore & ASX miners price target changes

$Citigroup (C.US)$ In a separate research report released on Monday, Citi downgraded its iron ore price forecast for calendar year 2024 by 4% to US$116/t but increased it by 1% for calendar year 2025 to US$101/t. This implies a modest price recovery from the current price of US$106/t but little movement over the medium term.

Citi’s “long term” iron ore price target of US$85 remained unchanged.

The shaving of Citi’s 2024 iron ore price target resulted in several tweaks to their price targets for their universe of ASX iron ore stocks: $BHP Group Ltd (BHP.AU)$ , $Deterra Royalties Ltd (DRR.AU)$ , $Fortescue Ltd (FMG.AU)$ , and $Rio Tinto Ltd (RIO.AU)$ . The changes are summarised in the table below.