Iron Ore Price OutlookPrices for iron ore fell over the past month, averaging USD 132.9 per metric ton in May, which was 12.3% lower than April's price and was down 35.2% from the same month last year. A weaker demand backdrop was chiefly behind the downturn. Meanwhile, on 31 May, the benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 138.5 per metric ton, which was down 4.2% from the same day of the previous month. Bleak demand conditions in China, which accounts for over 70% of seaborne iron ore consumption, dented prices in recent weeks. Industrial activity in the Asian powerhouse was constrained by Covid-19 restrictions, boding ill for iron ore consumption and consequently pushing prices lower. Notably, Chinese imports of iron ore plunged on both a monthly and an annual basis in April. Similarly, flagging global GDP growth—amid soaring inflation—likely further weighed on demand sentiment, and thus prices. That said, supply worries resurfaced in the second half of May amid lower shipments from Australia and Brazil. This, coupled with the easing of Covid-19 restrictions in China in late May, supported prices somewhat.
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
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