Iron Ore Price OutlookIron ore prices climbed throughout the second half of June, and hit an over five-year high at the start of July. The benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 117.5 per metric ton on 5 July, which was 17.5% higher than on the same day last month. Iron ore prices have surged this year due to supply scares: The price was up 61.8% on a year-to-date basis and was 83.6% higher than on the corresponding day last year. Tight supply and healthy demand have caused iron ore prices to soar in recent weeks. In a report released in July, the Australian government cut its forecast for iron production to 814 million tons this year, which would mark the country’s first contraction in output since 2001. Weather and operational issues have weighed on production in the world’s largest supplier of iron ore. Moreover, supply in Brazil, the world’s second largest producer, has also been under pressure ever since the deadly collapse of an inactive dam owned by Vale in January. The tragedy resulted in a wave of scrutiny and production halts. At the same time, solid demand for the metal, which is a crucial input for steel, is also putting upward price pressure. China’s steel production is projected to hit a record high this year.
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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