Group 1 - Iron ore prices have been declining due to weak demand expectations, reaching a nine-month low of $92.90 per ton in Singapore, breaking the critical support level of $93 per ton [1][3] - China's steel production in May decreased by approximately 7% compared to April, marking the weakest performance for May since 2018, which directly impacts iron ore demand [3] - Citigroup and Goldman Sachs have both lowered their iron ore price targets significantly, with Citigroup reducing its three-month forecast from $100 per ton to $90 per ton and its six to twelve-month target from $90 to $85 per ton [3] Group 2 - Goldman Sachs analyst James McGeoch noted aggressive selling by miners and spot traders, with initial market expectations for iron ore prices shifting from a range of $100-110 per ton to the current range of $90-95 per ton [3]

Core Viewpoint - Westpac Bank predicts that oil prices are likely to plummet to $60 per barrel following OPEC+'s agreement to increase production, while the "Liberation Day" is expected to drive iron ore trading prices below $100 per ton [1] Oil Industry - OPEC+ has agreed to raise production levels, which is anticipated to lead to a significant decrease in oil prices [1] - The forecasted price drop to $60 per barrel indicates a bearish outlook for the oil market [1] Iron Ore Market - The term "Liberation Day" is associated with a decline in iron ore prices, with expectations that trading prices will fall below $100 per ton [1] - This suggests a potential oversupply or reduced demand in the iron ore market, impacting pricing dynamics [1]