Open pit iron mine

Iron Ore Price Outlook

Iron ore prices have moderated somewhat over the past month, displaying the same volatile dynamics seen earlier this year. The benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 58.8 per metric ton on 9 September. The price was down 5.2% from the same day last month, but was 35.2% higher on a year-to-date basis. The price was up 2.3% from the corresponding day last year. Iron ore prices have increased more than a third in the year to date, fueled in large part by China’s stimulus to boost growth at the beginning of the year. However, the impact of this stimulus has faded, removing iron ore prices’ main support mechanism and leaving them more susceptible to short-term factors, thereby heightening volatility in the markets. The recent drop in prices was in part caused by the expectation of a forthcoming backlog of supply hitting the market, which was confirmed by BHP Billiton—the world’s largest mining company—and will further weigh on prices in the months to come. The announcement came around the same time as news that Chinese iron ore inventories had increased substantially and came in close to their record high. Softer steel prices have also dampened the outlook for iron ore, as some Chinese steel mills resumed production last week after they had been shut down to clear up the air in the run-up to the G20 summit.

Iron Ore Price History Data (USD per metric ton)

2011  2012  2013  2014  2015  
Iron Ore140.7  131.83  136.58  97.34  55.82  

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.


Iron Ore Historical Price Chart

Iron Ore historical price chart
Note: Iron ore Fines 62% Fe - CFR China Port, prices in USD per metric ton (mt). Prices are average of period (aop).

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