Open pit iron mine

Iron Ore Price Outlook

Iron ore prices soared in recent weeks, recovering some of the ground lost earlier this year. The benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 69.8 per metric ton on 1 December. The price was up 15.4% from the same day last month, the largest month-on-month gain seen so far this year. Despite the strong rise, iron ore prices are still far below last year’s levels, and December’s price was 13.3% lower on a year-to-date basis. In addition, the price was down 10.5% from the corresponding day last year. The recent price surge is largely due to soaring prices for steel due to a supply squeeze; iron ore is a main input for steel. China’s government has curbed steel production this winter to combat pollution, which has put pressure on the supply of the metal and caused inventories to fall. While the production cuts have also curbed immediate demand for iron ore, the collapse in steel inventories and subsequent rise in prices should lead to higher steel output when the cuts expire in mid-March; these factors have outweighed lower near-term demand. Accordingly, iron ore futures contracts also hit three-month highs at the beginning of December.

Iron Ore Price History Data (USD per metric ton, aop)

2012  2013  2014  2015  2016  
Iron Ore131.83  136.58  97.34  55.82  58.61  

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Iron Ore Historical Price Chart


Iron Ore historical price chart
Note: Iron ore Fines 62% Fe - CFR China Port, prices in USD per metric ton (mt). Daily prices.

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities

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