Iron ore prices averaged USD 99.74 per metric ton in August, up 2.6% from July. On 29 August, the commodity traded at USD 101.50 per metric ton, up 3.6% from 31 July.
August’s increase was driven by output curbs in a steel hub near Beijing and a report indicating that Chinese authorities will limit steel output next year. Although these developments could be interpreted as bearish for iron ore, since it is a key component of steel, they improved sentiment along the entire steel supply chain, as lower steel output is expected to boost prices and improve the profitability of steel mills.
This chart displays Iron Ore (US$/mt) from 2023 to 2025.
Iron Ore CFR China (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Iron Ore CFR China | - | - | - | 129.00 | 124.12 | 112.94 | 100.21 | 102.01 | 101.62 | 95.58 | 100.07 | - |