Iron Ore Prices

Iron ore prices averaged USD 98.24 per metric ton in July, down 2.5% from June. On 31 July, the commodity traded at USD 95.40 per metric ton, down 3.6% from 30 June.

In July, average iron ore prices fell for the second successive month and hit a joint one-year low. On the demand side, China’s iron ore consumption likely declined as manufacturing and construction activity in July declined compared to June. A slightly stronger U.S. dollar added to the downward pressure.