Iron ore prices averaged USD 93.07 per metric ton in September, down 7.0% from August. On 30 September, the commodity traded at USD 109.50 per metric ton, up 8.4% from 30 August.
Prices averaged below August’s level in September as the downturn in the key Chinese property sector deepened, as signaled by a steeper fall in home sales. Moreover, Chinese steel output hit an eight-month low in late August. That said, prices rallied towards the end of the month after China announced multiple stimulus measures, including interest rate cuts and such targeted measures as reductions in mortgage rates and down payments, as well as softer restrictions on home purchases in major cities.
This chart displays Iron Ore (US$/mt) from 2022 to 2024.
Iron Ore CFR China (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Iron Ore CFR China | 126.32 | 111.80 | 115.02 | 129.00 | 124.12 | 112.94 | 100.21 | - |