Iron Ore Prices

Iron ore prices averaged USD 97.41 per metric ton in April, down 2.7% from March. On 30 April, the commodity traded at USD 95.50 per metric ton, down 5.4% from 31 March.

Prices fell below the USD 100 mark in April, due to a bleaker demand outlook. Escalating U.S. protectionism fueled expectations of weaker growth across the globe and in top consumer China, whose manufacturing PMI fell into contractionary territory in April. In addition, the Chinese property sector remained in the doldrums in April. That said, iron ore output among the largest miners fell year on year in Q1 due to adverse weather, likely containing price losses.