Iron Ore Price OutlookIron ore prices receded throughout October, slumping on weaker demand and resurging supply. On 1 November, the benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 85.0 per metric ton, which was down 9.6% from the same day last month. That said, prices still remain relatively high after spiking at the start of 2019 due to supply disruptions: The price was 17.1% higher on a year-to-date basis and was up 11.3% from the same day last year. October’s fall in iron ore prices came on the back of signs of weakening steel demand from China, the world’s top steel producer for which iron ore is a main input, along with recovering supply. Expectations of steel supply outstripping demand caused Chinese steel future prices to fall in the month and reports revealed that iron ore inventories at some Chinese ports hit a six-month high mid-October. Moreover, signs of stabilizing supply also emerged after a deadly dam collapse in Brazil and weather issues in Australia disrupted output in the first half of the year. Vale, the world’s largest iron ore producer, reported a 35% jump in production in the third quarter, after output dropped notably earlier in the year, in response to mine closures in the aftermath of the deadly accident.
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
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.