Iron ore prices averaged USD 102.82 per metric ton in October, down 0.5% from September. On 31 October, the commodity traded at USD 104.50 per metric ton, up 3.7% from 30 September.
Iron ore prices were broadly stable on average from September. Prices started the month on weak footing, with trading and steel mill activity limited by the Golden Week holiday in China. However, prices picked up towards the end of the month thanks to the Fed’s decision to cut rates for the second straight meeting plus optimism that the U.S. and China would extend their trade truce.
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 | - |