China’s fresh stimulus to support the wider economy – but particularly the property sector – has lifted expectations from analysts that iron ore prices will reach $150 per ton in the first half of 2024, despite most steel producers within the country already looking for additional support from the Chinese government to maintain current prices. Battery materials have continued to steadily fall in price due to the relative overcapacity resulting from China’s demand stuttering, while expectations surrounding future supply shortages remain high, particularly for lithium, nickel, and copper. Raw material producers are still well above the marginal cost of production for these materials, and so there is little incentive to delay increased production despite the lagging macro demand scenario. Battery…