Iron Ore Prices

Iron ore prices averaged USD 97.22 per metric ton in July, up 5.2% from June. On 31 July, the commodity traded at USD 98.00 per metric ton, up 6.5% from 30 June.

Prices rose in July after four consecutive months of decline due to persistent weakness in China’s property sector. Expectations of Chinese policy support drove the upturn, specifically, new regulations to lower industrial overcapacity in a bid to boost steel mills margins, along with stimulus measures in the ailing property sector. Moreover, China’s plan to build a giant dam in Tibet bolstered prices further.