Iron Ore Price OutlookIron ore prices recorded the largest monthly drop seen in nearly eight years in August, before rising meekly at the start of September. The benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 91.0 per metric ton on 6 September, which was down 9.9% from the same day last month. That said, iron ore prices still remain relatively high when assessing the past two years after soaring at the start of 2019 due to supply scares: The price was 25.3% higher on a year-to-date basis and was up 35.8% from the corresponding day last year. Normalized supply and concerns over future steel production led to August’s downturn. Recent data revealed that Brazil’s iron ore exports rose to a nine-month high in July as Vale’s production picked-up, after having plunged at the start of the year amid fallout from the deadly collapse of an inactive dam. In addition, production in Australia has recovered after weather-related issues in March. Meanwhile, concerns over future steel production, for which iron ore is a main input, have also put downward pressure on prices. President Trump’s announcement in August to levy additional tariffs on China, which is world’s largest consumer and producer of steel, has increased headwinds to the country’s growth outlook and hurt sentiment regarding steel production.
Iron Ore Price History Data (USD per metric ton, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Iron Ore Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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