Iron Ore rose to 97.84 USD/T on July 21, 2025, up 0.64% from the previous day. Over the past month, Iron Ore's price has risen 3.26%, but it is still 9.54% lower than a year ago, 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 July of 2025.

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.

The Australian iron ore market contracted to $X in 2019, with a decrease of -X% against the previous year. In general, consumption, however, saw a strong expansion. The pace of growth was the most pronounced in 2018 with an increase of X% year-to-year. As a result, consumption attained the peak level of $X, and then dropped in the following year.

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 2018 fiscal year, the value of iron ore across Australia was estimated to be over 223 billion Australian dollars. There has been a consistent decrease in the iron ore value since the peak reached in the 2015 fiscal year.

The iron ore market in Australia and Oceania dropped to $X in 2019, waning by -X% against the previous year. In general, consumption, however, recorded strong growth. The pace of growth appeared the most rapid in 2018 when the market value increased by X% year-to-year. As a result, consumption reached the peak level of $X, and then shrank in the following year.

Iron Ore CNY fell to 785 CNY/T on July 18, 2025, down 1.57% from the previous day. Over the past month, Iron Ore CNY's price has risen 12.22%, but it is still 2.42% lower than a year ago, 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 Iron Ore CNY.

Australia has a large supply of mineral, hydrocarbon and non-mineral reserves, which are often high quality and close to the Earth’s surface, enabling Australia’s Mining division to be globally price competitive. Fluctuations in commodity prices have fuelled revenue volatility over the past few years. Energy supply shocks, driven by the Russia-Ukraine conflict, have sent global energy prices soaring, boosting the value of coal and liquefied natural gas (LNG) exports over the past few years. However, softening energy prices in the two years through 2024-25 will constrain energy export revenue and weaken expansion. Iron ore prices have also fluctuated significantly in recent years. These prices climbed to a peak in 2020-21 because of supply chain disruptions in Brazil. However, a recent property market crisis in China has weakened steel demand, causing iron ore prices to sink and reach a two-year low in September 2024. The price bounced back in October 2024 amid optimism surrounding the Chinese economy and stimulus measures, but is forecast to drop in 2024-25 as recent trade tensions and the United States’ sweeping tariffs exacerbated this trend and pushed prices down. Division revenue is expected to have risen at an annualised 0.6% over the five years through 2024-25, to $437.3 billion. This includes an anticipated fall of 10.5% in 2024-25 as the values of coal, LNG and iron ore exports ease on the back of softening prices. Some miners have pivoted towards future-facing commodities like copper and lithium to align with energy transition trends, but oversupply and softening prices pose ongoing profitability challenges. Soaring operational costs are compounding these issues as labour shortages, rising input costs and sophisticated competition have eroded profit margins. While commodity prices like oil, gas and coal have retracted from recent highs, they remain above 2019-20 levels, offering some relief and counteracting profitability dips. Many mining companies have moved from completing expansion programs to rebalancing their portfolios and implementing cost-reduction initiatives, offsetting profitability slumps. Output across several key commodities like iron ore is set to climb as new mines and expansion projects come online. Despite this, a global supply glut will ease commodity prices, reducing division revenue. Revenue is forecast to decline at an annualised 3.1% over the five years through 2029-30, to $374.3 billion. Growing demand for critical minerals and commodities used in renewable infrastructure represents a growth opportunity for some areas of the Mining division. Consolidation trends will also accelerate over the coming years as larger miners undertake mergers and acquisitions.

Australia Import Value by Major Mineral Commodity: Iron Ore and Pellet: 3 mth data was reported at 31.643 AUD mn in Dec 2024. This records a decrease from the previous number of 38.137 AUD mn for Sep 2024. Australia Import Value by Major Mineral Commodity: Iron Ore and Pellet: 3 mth data is updated quarterly, averaging 25.854 AUD mn from Sep 1988 (Median) to Dec 2024, with 146 observations. The data reached an all-time high of 143.368 AUD mn in Dec 2010 and a record low of 0.043 AUD mn in Mar 2017. Australia Import Value by Major Mineral Commodity: Iron Ore and Pellet: 3 mth data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.WB007: Import Value.

Manganese traded flat at 29.45 CNY/mtu on July 18, 2025. Over the past month, Manganese's price has risen 0.34%, but it is still 14.01% 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 July of 2025.

Australia GVA: 2020-21p: sa: QoQ: Mining: Iron Ore data was reported at -1.800 % in Jun 2023. This records a decrease from the previous number of -1.500 % for Mar 2023. Australia GVA: 2020-21p: sa: QoQ: Mining: Iron Ore data is updated quarterly, averaging 1.200 % from Dec 1985 (Median) to Jun 2023, with 151 observations. The data reached an all-time high of 22.400 % in Sep 2002 and a record low of -17.400 % in Dec 1985. Australia GVA: 2020-21p: sa: QoQ: Mining: Iron Ore data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.A224: SNA08: Gross Value Added: by Industry: Chain Linked: 2020-21 Price: Seasonally Adjusted: QoQ Percentage.

Nickel ore miners faced mostly positive operating conditions over the past decade, with strong pricing growth over most of the period amid rising global demand for nickel. However, in 2023-24, oversupply in the global market prompted a sharp price downturn, forcing smaller nickel ore miners like Wyloo and Panoramic Resources to cease and suspend operations. The Federal Government reacted to weak nickel ore prices and these closures by providing relief through tax credits and subsidies, adding nickel to the Critical Minerals List in early 2024. The Western Australian Government also cut the royalties tax by 50.0% for 18 months. Despite the government's efforts, mining giants like BHP also succumbed to the effects of weak nickel prices, leading to its decision to suspend its Western Australia Nickel operations in October 2024. The closure of BHP's nickel operations will cause a steep drop in nickel ore production volumes. Domestic production is forecast to drop to 75.5 kilotonnes in 2024-25, from 133.6 kilotonnes in 2023-24. This production dip is why nickel ore mining revenue is anticipated to plummet at an annualised 15.2% over the five years through 2024-25, to $1.4 billion. The trend includes a 51.4% plunge expected in 2024-25, attributed to reduced production volumes. Operating conditions have been challenging for nickel producers because of inflationary pressures. Even during 2019-20 to 2022-23, when nickel prices jumped, miners grappled with a surge in operating costs, curtailing their profitability. The competitiveness of the labour market in the mining sector, coupled with inflationary pressures from supply chain disruptions and geopolitical tensions, continues to hamper miners' profitability. Industry revenue is projected to contract at an annualised 2.3% over the five years through 2029-30 to $1.3 billion. Recent volatility in price movements is forecast to ease, and miners will benefit from accelerating electric vehicle adoption and steady growth in steel production. Despite the price recovery, domestic production is set to diminish as miners halt their expansion plans. Government intervention will play a crucial role in facilitating the resumption of nickel strategies over the coming years.

Lithium rose to 70,450 CNY/T on July 23, 2025, up 1.95% from the previous day. Over the past month, Lithium's price has risen 17.61%, but it is still 17.60% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Lithium - values, historical data, forecasts and news - updated on July of 2025.

In the financial year 2022, the Indian state of Odisha was the leading producer of iron ore in the country, accounting for over half of the domestic iron ore production. With its vast iron ore reserves, the state authorities are set to open more blocks for iron ore mining in the region.

India's place among the world's leading iron ore producers

Australia, Brazil, and China were among the world’s largest iron ore mine producers in 2022, and India held the fourth position, with production amounting to an estimated *** million metric tons that year. With the growth in the cement industry and infrastructure developments across the country, experts believe that India will have to double its current iron ore production volume to meet the country's rising demand. India's ranking among the world's leading iron ore reserve-holding countries as of 2022 was seventh place, with *** billion metric tons of iron content from *** billion metric tons of crude iron ore.

Iron ore exports from India

From 2020 to 2022, India's exports of iron ore dropped in value from *** billion U.S. dollars to **** billion U.S. dollars. This placed India as the world's ****-largest iron ore exporting nation as of 2022 on the basis of value. That was a notable drop in the ranking however, as India placed sixth in 2020 and seventh in 2021.

In the financial year 2024, the value added by the mining industry in Australia amounted to approximately 312 billion Australian dollars. The country’s mining industry includes the exploration and mining of gold, silver, iron ore, and coal reserves, among many other resources. Mining production boom Australia has one of the largest coal reserves in the world, with coal mined in every state. Coal production has continued to increase over the past years. Similarly, the production volume of iron ore has remained high. The largest iron ore mines in the country are located in Western Australia. Furthermore, spending on gold exploration continues to be significant, although slightly declining in recent quarters. Demand for Australian metals and minerals The export value of Australian coal peaked in 2023, with Australia being one of the leading coal exporting countries globally. The export value of gold was expected to remain relatively stable over the next few years, with a slight decline forecasted. Demand for Australian gold has been dominated by Hong Kong and China, with prices remaining high.

New Zealand’s Iron Ore Mining industry has faced significant challenges following a sharp fall in iron ore prices from 2021-22 peaks. These declines have resulted from increased global supply, especially from Brazil and weakened demand from China’s construction and property sectors. While domestic steel demand has been relatively resilient, supported by infrastructure projects, high inflation and rising interest rates have pressured construction activity. Export demand, historically reliant on China, has diminished as China’s construction sector softened, further increasing external pressures. The industry remains highly concentrated, dominated by New Zealand Steel Limited and Taharoa Mining Investment Limited, both operating distinct mines with different iron content and market focuses. High entry barriers, complex regulatory approval processes and growing environmental activism discourage new entrants. Overall, falling iron ore prices, combined with rising operational costs, have squeezed profit margins. Overall, revenue is anticipated to fall at an annualised 4.1% over the five years through 2025-26, to $220.0 million. This includes an expected plunge of 4.6% in 2025-26 as iron ore prices soften.

Iron ore prices are expected to continue to decline over the next five years as global supply increases, particularly with the ramp-up of major projects in Australia, Brazil and Africa, including the Simandou iron ore project. This oversupply, combined with weaker Chinese construction demand, is likely to suppress industry-wide revenue and intensify competition, especially for export-focused operators like Taharoa. Domestically, demand for steel is forecast to grow as interest rates fall and infrastructure investment increases, helping to partially offset falling export revenue and supporting integrated producer New Zealand Steel. New offshore mining projects, like Trans-Tasman Resources’ South Taranaki Bight venture, could present growth opportunities if regulatory approval is secured, shaping the industry’s outlook. Revenue is forecast to decline at an annualised 0.7% through the end of 2030-31, to total $212.6 million.

The Iron Smelting and Steel Manufacturing industry has faced fluctuating demand and economic pressures, especially from the construction and mining sectors. While construction market volatility has dampened demand for steel products in residential and infrastructure projects, the mining sector has provided some stability. Rising demand for steel in iron ore, gold and copper mining has offset some of the losses in the construction sector. However, challenges persist. The declining world price of steel and rising costs for inputs, including iron ore and coking coal, are weakening profit. These price fluctuations have resulted in heightened industry consolidation and reduced competition. Manufacturers have been under pressure to innovate as automation and AI adoption become critical to maintaining operational efficiency. The industry is also adjusting to stricter environmental regulations and rising demand for sustainable products, with manufacturers increasingly shifting towards green steel production practices. Industry revenue is expected to have dipped at an annualised 0.7% over the five years through 2024-25, to $15.9 billion. This trend includes an anticipated plummet of 10.3% in 2024-25, primarily driven by fierce competition from low-cost imports from countries like China (which offer competitive pricing but raise concerns about quality and regulatory compliance), alongside rising production costs, reduced construction activity and the costly shift towards sustainable, low-carbon technologies. Changes in trade policies and ongoing global technological advancements are also continuously shaping market conditions, making imported steel products more competitive and influencing industry strategies and investments. In the coming years, increasing investments in infrastructure, the growing adoption of sustainable practices and rising global demand for green steel will underpin a recovery in revenue. With the government's Infrastructure Investment Project expanding, particularly in transport and renewable energy projects, steel consumption is projected to rise, especially for structural components, reinforcing bars and prefabricated steel. This trend will benefit manufacturers that invest in automation, green technologies and expansions to production capacities to meet growing demand. In line with global sustainability trends, steel producers are set to adopt low-carbon technologies to align with government initiatives and international regulations. Input costs are projected to stabilise. However, domestic manufacturers will contend with import competition and global supply chain disruptions, which may continue to affect price stability and project timelines. Overall, revenue is forecast to climb at an annualised 2.2% over the five years through 2029-30, to reach $17.8 billion.

Coal rose to 110.10 USD/T on July 22, 2025, up 0.23% from the previous day. Over the past month, Coal's price has risen 2.66%, but it is still 18.26% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Coal - values, historical data, forecasts and news - updated on July of 2025.

Australia GVA: 2022-23p: sa: Mining: Iron Ore data was reported at 23,792.000 AUD mn in Dec 2024. This records a decrease from the previous number of 23,944.000 AUD mn for Sep 2024. Australia GVA: 2022-23p: sa: Mining: Iron Ore data is updated quarterly, averaging 6,515.000 AUD mn from Sep 1985 (Median) to Dec 2024, with 158 observations. The data reached an all-time high of 25,567.000 AUD mn in Dec 2022 and a record low of 1,930.000 AUD mn in Dec 1988. Australia GVA: 2022-23p: sa: Mining: Iron Ore data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.A206: SNA08: Gross Value Added: by Industry: Chain Linked: 2022-23 Price: Seasonally Adjusted.

In 2001, Australia's economic demonstrated resources (EDR) of bauxite, copper, gold, lead, magnesite, ilmenite, zircon, nickel, phosphate, PGM, tantalum, silver, vanadium and zinc increased, while those of black coal, diamonds, iron ore, lithium, manganese ore and uranium decreased. EDR of brown coal was maintained at levels similar to those reported in 2000. The reductions in EDR were due mainly to ongoing high levels of production; with low commodity prices a subsidiary factor.

EDR of gold, nickel and mineral sands reached record levels. Gold EDR rose by 4% and was over 80% of total demonstrated resources, this increase in resources continuing the established long-term growth trend for gold. In recent years that trend has continued despite falling exploration expenditure reflecting an increasing trend to concentrate exploration efforts in brownfields regions in response to the sustained period of depressed gold price.

Australia, continues to rank as one of the world's leading mineral resource nations. It has the world's largest EDR of lead, mineral sands, nickel, silver, tantalum, uranium and zinc. In addition, its EDR is in the top six worldwide for bauxite, black coal, brown coal, cobalt, copper, gold, iron ore, lithium, manganese ore, rare earth oxides and gem/near gem diamond.

Mineral exploration expenditure rose by 1% to $683.3 million in 2000-01, which was the first increase in annual exploration spending since 1996-97. However spending for calendar year 2001, based on the sum of ABS four-quarter figures, was down by $12 million to $664.4 million.

Production of many mineral commodities again reached record levels in 2000-01, and overall mine production is projected by ABARE to rise in the five years to 2006-07 with the exception of gold which they forecast will fall by 6%. ABARE have projected a very high growth of some 60% for mine production of nickel in this period. Increases are also forecast for mine production of coal (+17%), copper (4%), lead (3%), zinc (12%), bauxite (17%) and iron ore (19%).