Iron ore is tipped to trade below $US100 a tonne for most of next year as new supply from Rio Tinto’s long-awaited African project adds to giant stockpiles at Chinese ports, and US tariffs whack steel demand in the world’s second-largest economy.

While markets are divided about the size and effectiveness of stimulus from China – the world’s largest buyer of iron ore – pundits broadly agree that Beijing will roll out further fiscal support in 2025 that should cushion the price of the steel-making ingredient from even heavier falls.