Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 176

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 176
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2, iron ore market reference prices decreased to an average of $120.03/t, down by 24.9% compared to an average of $159.89/t in 2021, mainly due to collapsing market confidence as China implemented strict lockdowns across the country starting in mid-March, boycotts from homebuyers in China resulting from failures to meet construction schedules which weighed further on the crisis-stricken real estate sector, harsh weather conditions in the summer and the US Federal Reserve’s tightening of its monetary policy. In 2023, iron ore market reference prices averaged $119.54/t, relatively stable compared to an average of $120.03/t in 2022. The first quarter of 2023 began with an increase in reference prices mainly driven by prevailing bolstered sentiment on scrap of COVID control in China, which was later counteracted by the disappointing actual economy recovery, largely dragged by its real estate woes and sliding exports. By the end of 2023, iron ore market reference prices increased to $141.92/t on December 27, a record high for the period dating back to June 9, 2022, driven by lower port inventory, stimulus anticipation and strong demand outlook for Chinese economy in the first quarter of 2024, following the deposits rate cut by Chinese commercial banks on December 22, 2023. In 2024, iron ore market reference prices dropped to an average of $109.46/t, down by $10.08/t compared to an average of $ 119.54/t in 2023. P rices fell for the first three quarters of 2024 due to persistently sluggish demand amid economic weakness generally and a real estate slowdown specifically, but recovered slightly in the fourth quarter of 2024 on boosted sentiment from stimulus policies . Coking coal Coking coal prices in 2022 averaged $364.22/t as compared to $227.29/t in 2021, driven by faster-than-expected demand recovery, tight global supply and geopolitical tensions. Australia confronted both heavy rainfall, which affected production and logistics in Queensland, and a severe rise in COVID-19 pandemic cases. Russia’s invasion of Ukraine sent prices to new records in March 2022. Prices increased in December 2022 as China neared lifting its ban on Australian coal imports. Coking coal prices in 2023 averaged $295.97/t as compared to $364.22/t in 2022. Although coking coal price s decreased slightly in 202