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Open pit iron mine

Iron Ore Price Outlook

Rising global alarm over the coronavirus outbreak and its ensuing impact on the Chinese economy hammered iron ore prices in early February. On 14 February, the benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 88.5 per metric ton (mt), which was down 8.3% from the same day in January. Moreover, the price was 4.8% lower on a year-to-date basis but was up 0.8% from the same day last year. Prices plunged on concerns over Chinese demand for base metals amid the coronavirus epidemic, which has disrupted Chinese industrial activity and led to temporary closures of factories and construction sites across the country. Consequently, Chinese demand for steel (of which iron ore is a key component) is seen declining as much as 30–40 million mt in February alone. The severity of the outbreak and its impact on the Chinese economy, and thus demand for commodities, are still largely uncertain; however, it could keep prices depressed through the rest of the first quarter. Meanwhile, output at Brazil’s Vale, where operations have only just begun to come back online, contracted in Q4, causing it to fall behind Rio Tinto as the top producer. This comes as heavy rainfall in recent weeks could exacerbate supply shocks from dam closures.

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

2015  2016  2017  2018  2019  
Iron Ore 55.82  58.61  71.77  69.67  93.88  

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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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