Iron Ore Price OutlookIron ore prices recovered modestly in early March amid tighter supply and resilient Chinese demand. On 13 March, the benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 91.5 per metric ton (mt), which was 3.4% higher than on the same day in February. The price was down 1.6% on a year-to-date basis but was 7.0% higher than on the same day last year. Prices bounced on growing supply concerns for major exporter Brazil. Output from the country’s largest mining company, Vale, continues to be heavily hampered by operational issues. Vale recently reported in early March further erosion of an embankment at its Gongo Soco mine, which is on high alert for a risk of a dam burst. Moreover, the company announced it was suspending operations at one of its mines at Catas Altas due to mineral depletion. This comes amid cyclical supply disruptions in Q1 due to heavy rainfall. Although steel production appeared relatively resilient to the coronavirus impact on Chinese industrial activity, the global manufacturing setback resulting from the far-reaching outbreak is likely to feed through to the Chinese steel industry in the months ahead. That said, expectations of stimulus measures by the Chinese government to revive industrial activity should support prices.
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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