This statistic depicts the average annual prices for iron ore from 2014 through 2024, with forecasted figures for 2024 to 2026. In 2024, the average price for iron ore stood at 109.4 nominal U.S. dollars per dry metric ton.

Iron Ore fell to 101.59 USD/T on August 15, 2025, down 0.24% from the previous day. Over the past month, Iron Ore's price has risen 4.67%, and is up 3.86% compared to the same time last year, 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 August of 2025.

Quarterly iron ore prices have globally declined since the first quarter (Q1) of 2023, when they stood at approximately ****** U.S. dollars per metric ton. By Q2 2025, one metric ton of iron ore cost around ***** U.S. dollars, representing a decline of about ***** U.S. dollars per metric ton of iron ore worldwide since Q1 2023.

In May 2024, iron ore was valued at approximately *** U.S. dollars per dry metric ton unit (dmtu), as compared to *** 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 ** U.S. dollars, and increased to a high of *** U.S. dollars per dmtu in 2011. The price saw dramatic drops in the past decade, from ****** U.S. dollars per dry metric ton unit in March 2013 to ***** U.S. dollars per dmtu in December 2015. Since then, the price has increased gradually to ****** 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 *** 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 *** million metric tons in 2023.

In June 2022, the iron ore price per ton amounted to $107 per ton, picking up by 18% against the previous month.

In May 2022, the iron ore price per ton amounted to $208 (CIF, US), picking up by 17% against the previous month.

In 2024, iron ore was worth an average of approximately *** U.S. dollars per dry metric ton unit (dmtu), compared to only ** U.S. dollars per dmtu in 2000. The month with the highest average iron ore price in 2021 was June, at over *** 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 ****** U.S. dollars per dmtu in June 2021 down to a low of ***** U.S. dollars per dmtu in November 2021. Major iron ore producing nations Australia has the world's largest iron ore reserves, at ** 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 ****** million metric tons in 2004, to over *** billion metric tons in 2018.

In the fiscal year 2022, the average import price of iron ore in Japan amounted to around ***** thousand Japanese yen per ton. Iron ore is one of the basic raw materials needed to produce steel, of which Japan is one of the leading producers worldwide.

In September 2022, the iron ore price amounted to $34.0 per ton (FOB, India), dropping by -31.5% against the previous month.

In November 2022, the iron ore price was $41.5 per ton (FOB, India), a decrease of 1.7% from the previous month.

China Import Price: Iron Ore & Concentrate: Asia: Vietnam data was reported at 141.293 USD/Ton in Jan 2024. This records an increase from the previous number of 49.298 USD/Ton for Oct 2022. China Import Price: Iron Ore & Concentrate: Asia: Vietnam data is updated monthly, averaging 72.325 USD/Ton from Jan 2008 (Median) to Jan 2024, with 176 observations. The data reached an all-time high of 7,750.000 USD/Ton in Jul 2022 and a record low of 31.131 USD/Ton in Dec 2015. China Import Price: Iron Ore & Concentrate: Asia: Vietnam data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PG: Iron Ore and Concentrate Import and Export Price.

Iron Ore: Average Sale Price: Lumps: Below 55% Fe: Maharashtra data was reported at 2,424.000 INR/Ton in Mar 2022. This records an increase from the previous number of 2,376.000 INR/Ton for Feb 2022. Iron Ore: Average Sale Price: Lumps: Below 55% Fe: Maharashtra data is updated monthly, averaging 1,440.000 INR/Ton from Feb 2011 (Median) to Mar 2022, with 125 observations. The data reached an all-time high of 2,627.000 INR/Ton in Aug 2021 and a record low of 625.000 INR/Ton in Dec 2011. Iron Ore: Average Sale Price: Lumps: Below 55% Fe: Maharashtra 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.

China Import Price: Iron Ore & Concentrate: Asia: Philippines data was reported at 109.076 USD/Ton in Mar 2025. This records a decrease from the previous number of 115.742 USD/Ton for Jan 2025. China Import Price: Iron Ore & Concentrate: Asia: Philippines data is updated monthly, averaging 99.171 USD/Ton from Jan 2008 (Median) to Mar 2025, with 143 observations. The data reached an all-time high of 58,800.000 USD/Ton in Apr 2022 and a record low of 6.714 USD/Ton in Jun 2015. China Import Price: Iron Ore & Concentrate: Asia: Philippines data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PG: Iron Ore and Concentrate Import and Export Price.

In June 2025, approximately ***** million metric tons of crude iron ore was extracted in China. Iron ore mining in China As the world's largest iron ore importing country since 2014, China's iron ore imports amount to over *** billion metric tons every year to meet its demand. Cutbacks in 2014 were likely the result of decreasing iron ore prices around the world, which fell from a high of 168 U.S. dollars per dry metric ton in 2011 to a low of an estimated 55 U.S. dollars in 2015. Iron ore prices have gradually recovered to the levels of 2014, standing at ***** U.S. dollars per dry metric ton as of 2023. China's steel industry Despite iron ore mining cutbacks in China and fluctuating prices, the price of steel, which is made from iron ore, has remained stable. China has remained the world’s largest crude steel producer. Among the twenty leading steelmakers worldwide, eleven are from China. As the largest crude steel producer in the world, Baowu Steel Group is state-owned and is the largest steel company in China. In 2022, Baowu Steel Group generated a revenue of over **** trillion yuan.

China Import Price: Iron Ore & Concentrate: Europe: Netherlands data was reported at 658.000 USD/Ton in Mar 2022. This records a decrease from the previous number of 13,250.000 USD/Ton for Dec 2017. China Import Price: Iron Ore & Concentrate: Europe: Netherlands data is updated monthly, averaging 6,954.000 USD/Ton from Dec 2017 (Median) to Mar 2022, with 2 observations. The data reached an all-time high of 13,250.000 USD/Ton in Dec 2017 and a record low of 658.000 USD/Ton in Mar 2022. China Import Price: Iron Ore & Concentrate: Europe: Netherlands data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PG: Iron Ore and Concentrate Import and Export Price.

India Iron Ore: Average Sale Price: Fines: Below 55% Fe data was reported at 1,164.000 INR/Ton in Mar 2022. This records an increase from the previous number of 1,105.000 INR/Ton for Feb 2022. India Iron Ore: Average Sale Price: Fines: Below 55% Fe data is updated monthly, averaging 737.500 INR/Ton from Feb 2011 (Median) to Mar 2022, with 134 observations. The data reached an all-time high of 2,058.000 INR/Ton in Feb 2011 and a record low of 393.000 INR/Ton in Sep 2016. India Iron Ore: Average Sale Price: Fines: Below 55% 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.

Iron ore miners are highly susceptible to changes in industrial production. This is why iron ore miners were significantly impacted at the start of the period because of the pandemic. Steel production took a nosedive and many mines shut down temporarily. As the economy recovered, miners saw triple-digit growth in 2021, since steel prices skyrocketed amid supply chain constraints. This allowed industry revenue to remain elevated for the rest of the period. From 2022 to 2024, while production began to climb after an initial dip at the start of 2022, prices plummeted as supply chain issues waned, causing revenue to fall. Overall, revenue for iron ore miners has been swelling at a CAGR of 7.5% over the past five years and is set to reach $5.3 billion in 2025, where revenue is set to plummet by 5.5%. While revenue strengthened during the period because of price hikes, miners experienced dips in profit after 2021, primarily because purchase costs continued to climb. Rising fuel costs, driven by surges in oil prices, have eaten into profit as miners now must pay extra to transport ore. While wage costs will come down from historical figures, they are set to go up slightly after 2021 as iron ore miners hire and train staff to use new equipment and technology. Looking ahead, iron ore miners will feel the impact of falling prices. Nonetheless, they are set to maintain a steady revenue stream from downstream markets. The Bipartisan Infrastructure Law, which requires that all iron ore and steel used in federally funded projects be made in the US, should help sustain the need for domestic iron ore. While infrastructure construction will continue to support consistent revenue, recent executive orders halting the construction of offshore wind projects and electric vehicle charging stations are set to dampen market growth. Overall, revenue is set to dip at a CAGR of 0.2% through 2030, reaching $5.3 billion.

Manganese fell to 29.74 CNY/mtu on August 15, 2025, down 0.03% from the previous day. Over the past month, Manganese's price has risen 0.98%, but it is still 10.56% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Manganese Ore - values, historical data, forecasts and news - updated on August of 2025.

Iron Ore Price in South Korea - 2022. Find the latest marketing data on the IndexBox platform.

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