Iron ore prices move along with the downward or upward demand from China's steel appetite. As the global economy eases from Covid and battles inflation, emerging markets will continue to feed on the demand for iron ore, making mining and steel-making companies trade for the next 3 years.
However, the early announcement from the Chinese energy sector to completely transition to carbon-neutral by 2060 shakes its marketability. Thus, there is a foreseen price drop of iron ore to $80 or $70 by 2030.
This rough estimate comes from the present economic performance and plans for a green environment. Note that this price transition will highly change over time.