Iron Ore decreased 1.36 USD/MT or 1.31% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Iron Ore - values, historical data, forecasts and news - updated on March of 2025.

In 2023, iron ore was worth an average of approximately 120 U.S. dollars per dry metric ton unit (dmtu), compared to only 29 U.S. dollars per dmtu in 2000. The month with the highest average iron ore price in 2021 was June, at over 200 U.S. dollars per dmtu. Iron ore: market context and price fluctuation Iron ore is composed of minerals and rocks from which metallic iron can be extracted. Iron ore is an important part of the world economy, as a large proportion of iron ore is used to make steel, which is a widely used material globally. In a given year, the monthly price of iron ore varies noticeably, ranging for example from a high of 214.43 U.S. dollars per dmtu in June 2021 down to a low of 96.24 U.S. dollars per dmtu in November 2021. Major iron ore producing nations Australia has the world's largest iron ore reserves, at 51 billion metric tons of crude iron ore and is also the world's largest producer of iron ore. Not surprisingly, China, the world's leading steel manufacturer, is also the world's leading importer of iron. In recent years, China's iron imports have increased significantly, from 207.98 million metric tons in 2004, to over one billion metric tons in 2018.

Explore the multifaceted factors influencing international iron ore prices, including demand from the steel industry, supply conditions in leading exporting countries, macroeconomic trends, and speculative activities. Understand how these elements affect market dynamics, historical trends, and future developments.

In May 2024, iron ore was valued at approximately 119 U.S. dollars per dry metric ton unit (dmtu), as compared to 105 U.S. dollars per dmtu in the same month of the previous year. Iron ore prices and production Iron ore refers to the minerals and rocks from which metallic iron is economically viable to extract. Pig iron, which is one of the raw materials used in steel production, is derived from iron ore. The price of iron ore has fluctuated a great deal over the last twenty years. In 2003, one dmtu of iron ore cost 30 U.S. dollars, and increased to a high of 168 U.S. dollars per dmtu in 2011. The price saw dramatic drops in the past decade, from 139.87 U.S. dollars per dry metric ton unit in March 2013 to 40.50 U.S. dollars per dmtu in December 2015. Since then, the price has increased gradually to 214.14 U.S. dollars per dmtu as of July 2021, before dropping sharply in August 2021. Iron ore producers Overall, the global production of iron ore did not decrease when the prices dropped. In fact, an increase in production among several of the world's largest iron ore producing countries was observed in the past five years. Australia produced 960 million metric tons of iron ore in 2023. China is also among the world's largest iron ore producers, though its production is calculated differently than in other countries. Based primarily on the production of raw ore rather than usable ore, China produced an estimated 280 million metric tons in 2023.

Explore the intricate dynamics influencing iron ore prices, vital for the steel industry and global economic activity. The article delves into demand from China, supply disruptions by major miners, and factors like transportation costs, tariffs, and speculative trading. Understand the impact of geopolitical tensions and economic policies on current and future market trends.

Steel decreased 101 Yuan/MT or 3.05% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Steel - values, historical data, forecasts and news - updated on March of 2025.

Learn about the various factors influencing the current market price of iron ore, including global demand, production levels, and geopolitical events. Understand the role of major steel-producing countries like China, production levels of key exporters like Australia and Brazil, and the impact of geopolitical events on iron ore prices. Stay informed to make strategic investment decisions in the volatile iron ore market.

This statistic depicts the average annual prices for iron ore from 2014 through 2023, with forecasted figures for 2024 to 2026. In 2023, the average price for iron ore stood at 120.6 nominal U.S. dollars per dry metric ton.

Explore the current trends affecting iron ore prices, including global demand, production disruptions, and economic conditions. Understand how major factors like construction slowdowns and geopolitical shifts impact the market, with insights from experts on the future price outlook.

India Iron Ore: Average Sale Price: Fines: 58 - 60% Fe data was reported at 3,754.000 INR/Ton in Dec 2024. This records a decrease from the previous number of 3,778.000 INR/Ton for Nov 2024. India Iron Ore: Average Sale Price: Fines: 58 - 60% Fe data is updated monthly, averaging 1,964.000 INR/Ton from Feb 2011 (Median) to Dec 2024, with 167 observations. The data reached an all-time high of 4,775.000 INR/Ton in Aug 2021 and a record low of 819.000 INR/Ton in Dec 2015. India Iron Ore: Average Sale Price: Fines: 58 - 60% Fe data remains active status in CEIC and is reported by Indian Bureau of Mines. The data is categorized under India Premium Database’s Metal and Steel Sector – Table IN.WAC009: Iron Ore Average Sale Price.

In the fourth quarter of 2023, the price of the iron scrap in the United States reached 335 USD/MT by December. Similarly, in China, the iron scrap prices hit 411 USD/MT in the same month.

Iron and steel scrap prices in the United State stood at around 325 U.S. dollars per metric ton in 2024. The majority of domestic steel industry scrap consumption is from manufacturers of raw steel, and steel castings. These raw materials are used to produce steel products that are used for appliances, construction, machinery, and transportation, among various other industry uses. Only small amounts of steel scrap were used for the production of ferroalloys, copper precipitation, and the chemical industry. Recycling scrap Recycled iron and steel scrap materials have been essential for the production of new steel and cast iron products. Vehicles are one of the largest sources of old steel scrap used for recycling and nearly 100 percent of cars are recycled for their scrap material. It is expected that the recycling rate for scrap materials from appliances and construction purposes should rise, especially as public interest for recycling grows and profitability increases.

Explore the multifaceted influences on iron ore prices, from supply and demand dynamics involving major producers like Australia and Brazil, and China's extensive steel sector, to geopolitical factors, environmental regulations, and market speculations. Understand how these elements interact to affect global price trends.

In the second quarter of financial year 2025, the cost of a 16 mm steel bar in the Indian cities of Chennai and Hyderabad reached 66 Indian rupees per kilogram. However, in Delhi, the steel was slightly more affordable. Compared to the previous year, there was a noticeable increase in steel prices across all cities. The significant uptick in the cost of steel in India towards the end of 2020, was believed to be a result of China’s increased demand for Indian iron ore. Crude steel India’s crude steel production has been growing steadily, with the basic oxygen furnace (BOF) being the preferred production method. While both private and public sector companies contribute to this production, the private sector, dominates the market. JSW Steel, in particular, has the highest production capacity in India, contributing significantly to the country’s position as the world’s second-largest producer of steel. Steel consumption in India Steel consumption in India has been on a steady rise, with the country’s rapid industrialization and development in sectors such as construction, automobile, and infrastructure. This upward trend in steel consumption is estimated to persist, with an annual growth rate of nine percent in fiscal year 2024.

HRC Steel increased 180.96 USD/T or 25.52% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for HRC Steel.

Nigeria GDP: Basic Prices: Industry: Mfg: Basic Metal, Iron & Steel data was reported at 243,378.215 NGN mn in 2017. This records an increase from the previous number of 219,570.375 NGN mn for 2016. Nigeria GDP: Basic Prices: Industry: Mfg: Basic Metal, Iron & Steel data is updated yearly, averaging 22,000.324 NGN mn from Dec 1981 (Median) to 2017, with 37 observations. The data reached an all-time high of 243,378.215 NGN mn in 2017 and a record low of 616.429 NGN mn in 1981. Nigeria GDP: Basic Prices: Industry: Mfg: Basic Metal, Iron & Steel data remains active status in CEIC and is reported by National Bureau of Statistics of the Federal Republic of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.A007: GDP: by Industry: Current Price: Annual.

Graph and download economic data for Producer Price Index by Commodity: Metals and Metal Products: Iron and Steel (WPU101) from Jan 1926 to Feb 2025 about iron, steel, metals, commodities, PPI, inflation, price index, indexes, price, and USA.

Iron and Steel Price in China - 2023. Find the latest marketing data on the IndexBox platform.

According to Cognitive Market Research, The Global Nodular Pig Iron market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.50% from 2024 to 2031.

North America Nodular Pig Iron held the major market of more than 40% of the global revenue and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Europe Nodular Pig Iron held the major market of more than 30% of the global revenue and will grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031
Asia Pacific Nodular Pig Iron held the market of around 23% of the global revenue and will grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.
South America Nodular Pig Iron market has more than 5% of the global revenue and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
Middle East and Africa Nodular Pig Iron held the major market of around 2% of the global revenue and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031
The ordinary type segment is set to rise due to the growing demand from the automotive and construction sectors. Rising infrastructure projects globally and the versatile applications of nodular pig iron in manufacturing drive market expansion.
Increasing demand from automotive and machinery sectors due to its superior strength and flexibility. Additionally, infrastructure projects worldwide contribute to its growth.

Rising Reliance on Electricity Generation through Renewable Energy Sources to Provide Viable Market Output

The rising reliance on electricity generation through renewable energy sources is reshaping global energy landscapes, with wind, solar, and hydroelectric power gaining prominence. This shift reflects growing environmental concerns and technological advancements driving sustainable energy solutions. Concurrently, the nodular pig iron market experiences shifts as industries adapt to renewable energy demands, altering production processes and material requirements. As renewable energy's momentum grows, industries worldwide navigate transitions toward greener practices, influencing markets and fostering innovation in energy and raw material sectors.

For instance, as per the Institute for Energy Economics and Financial Analysis (IEEFA), investment in renewable energy in India achieved a document US$14.5 billion in the last financial year (FY2021-22), an expansion of 125% compared to FY2020-21 and 72% over pre-pandemic FY2019-20.

(Source:https://ieefa.org/articles/record-us145-billion-investment-indian-renewable-energy-sector-last-financial-year#:~:text=9%20June%20(IEEFA%20India)%3A,and%20Financial%20Analysis%20(IEEFA).)

Rising Wind Energy Capacities around the World to Propel Market Growth

The nodular pig iron market is witnessing growth, paralleling the rise in global wind energy capacities. As wind energy expands worldwide, demand for nodular pig iron, a crucial component in wind turbine production, escalates. This trend is boosted by the growing emphasis on sustainable energy sources, prompting increased production of wind turbines. The nodular pig iron market is poised to benefit from the accelerating momentum of the renewable energy sector, reflecting a symbiotic relationship between the two industries.

For instance, as the Global Wind Energy Council reported, 93.6 GW of new wind energy capacity was added in 2021 at a global level, with an increase of 1.8% over the last year.

(Source:https://www.nextias.com/ca/current-affairs/13-04-2022/global-wind-report-2022-gwec#:~:text=Growth%20in%20capacity%3A%20New%20installations,compared%20to%202020%20was%20installed.)

Market Restraints of the Nodular Pig Iron

Fluctuating Raw Material Prices to Restrict Market Growth

The nodular pig iron market faces challenges due to fluctuating raw material prices. The volatility in input costs, including iron ore and coke, impacts production costs, subsequently affecting nodular pig iron prices. Market participants must navigate these dynamics to maintain profitability. Adaptable strategies and efficient supply chain management become crucial in mitigating the impact of raw material price fluctuations on the nodular pig iron sector.

Impact of COVID-19 on the Nodular Pig Iron Market

The nodular pig iron market experienced fluctuations due to COVID-19. Initially, the pandemic disrupted production and supply chains, causing a...

Explore the dynamic iron ore market influenced by China's demand, global trade tensions, and production levels from key producers like Australia and Brazil. Understand how economic policies, geopolitical events, and technological advancements shape price fluctuations in this vital global commodity.