Iron Ore Prices

Iron ore prices averaged USD 91.51 per metric ton in October, down 6.3% from September. On 30 October, the commodity traded at USD 91.10 per metric ton, down 3.2% from 30 September.

Average iron ore prices fell again in October, ending September’s short-lived rebound and resuming a slide that began in June 2026. They now sit at a multi-year low. Abundant global supply and weak Chinese demand, linked to a slump in China’s real estate sector, continue to weigh on sentiment. Meanwhile, steel demand is entering a seasonally weaker period, and high port inventories are curbing mills’ need to restock beyond immediate needs.