Iron Ore Price OutlookIron ore prices plunged in recent weeks, sinking to some of the lowest levels seen in three months. The benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 62.3 per metric ton on 6 October. The price was down 19.6% from the same day of the previous month. Iron ore prices have plummeted this year and October’s price was 22.6% lower on a year-to-date basis. However, the price was up 9.9% from the corresponding day last year. Behind the recent plunge in prices is a subdued outlook for demand amid a healthy supply of iron ore. In China, environmental concerns have led to a crackdown on steel producers, which will cause steel production to wane and is reducing demand for iron ore—one of the main inputs of steel. In addition, tighter credit conditions in China or an slowdown in China’s economy could further weigh on steel production. On the supply side, although stockpiles of iron ore have decreased—inventories at Chinese ports dropped for the seventh consecutive week in mid-September—supply going forward is expected to remain robust due to strong investment in the past.
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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