摩根大通：铁矿石-全球动荡中价格坚挺；维持 2025 年目标价 100 美元 吨。

J P M O R G A N Europe Equity Research 04 May 2025 Iron ore Price resilience amidst global turmoil; maintain $100/t for 2025 Key takeaways from our iron ore sector review: 1) Global steel output has started the year relatively flat, with output down 0.4% in Q1 (China +0.6% / RoW -1.7%); following GDP growth cuts from our Economics Team, we now expect global steel production to fall 5Mt in 2025 from 20Mt growth previously (China unchanged at -1.5% YoY), 2) Iron ore supply has been disrupted through Q1 follow ...