ANZ Research has raised its short-term iron ore price target to US$100/ton from the previous US$90/ton, forecasting that overall steel demand will grow in 2025. They believe China's steel sector will largely withstand US trade tensions, with Europe and Asia compensating with more steel trading.

Despite concerns about the cooling property market in China, ANZ said growth in other industries would keep demand for steel high. They also pointed out signs of stabilization in China's property market, although much of the growth in demand for steel and iron ore depends on growth in the construction sector.

Iron ore spot prices have tested the US$95/ton support level four times in the past six months and rebounded quickly, a trend ANZ expects to continue in the short term.