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.

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.

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.

China Import Price: Iron Ore & Concentrate: Latin America: Mexico data was reported at 81.049 USD/Ton in Dec 2024. This records an increase from the previous number of 80.503 USD/Ton for Nov 2024. China Import Price: Iron Ore & Concentrate: Latin America: Mexico data is updated monthly, averaging 99.918 USD/Ton from Jan 2008 (Median) to Dec 2024, with 184 observations. The data reached an all-time high of 51,500.000 USD/Ton in Jun 2023 and a record low of 39.619 USD/Ton in Aug 2018. China Import Price: Iron Ore & Concentrate: Latin America: Mexico 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.

China Import Price: Iron Ore & Concentrate: Africa: Zimbabwe data was reported at 18,100.000 USD/Ton in Sep 2024. This records an increase from the previous number of 13,087.049 USD/Ton for Oct 2023. China Import Price: Iron Ore & Concentrate: Africa: Zimbabwe data is updated monthly, averaging 13,043.524 USD/Ton from May 2014 (Median) to Sep 2024, with 10 observations. The data reached an all-time high of 36,100.000 USD/Ton in Jun 2021 and a record low of 228.333 USD/Ton in Aug 2020. China Import Price: Iron Ore & Concentrate: Africa: Zimbabwe 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.

China Import Price: Iron Ore & Concentrate: Asia: Pakistan data was reported at 57.104 USD/Ton in Nov 2024. This records a decrease from the previous number of 80.418 USD/Ton for Oct 2024. China Import Price: Iron Ore & Concentrate: Asia: Pakistan data is updated monthly, averaging 70.097 USD/Ton from Feb 2008 (Median) to Nov 2024, with 161 observations. The data reached an all-time high of 167.877 USD/Ton in Aug 2008 and a record low of 28.084 USD/Ton in Dec 2017. China Import Price: Iron Ore & Concentrate: Asia: Pakistan 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.

This statistic depicts the average monthly prices for iron ore worldwide from January 2014 through January 2025. In January 2025, the average monthly price for iron ore worldwide stood at 99.58 nominal U.S. dollars per dry metric ton.

For the third consecutive year, the Kenyan iron ore market recorded growth in sales value, which increased by 25% to $3.4B in 2024. In general, consumption enjoyed a significant increase. Iron ore consumption peaked in 2024 and is likely to see gradual growth in years to come.

China Import Price: Iron Ore & Concentrate: Asia: Laos, PDR data was reported at 117.296 USD/Ton in Dec 2024. This records an increase from the previous number of 111.699 USD/Ton for Nov 2024. China Import Price: Iron Ore & Concentrate: Asia: Laos, PDR data is updated monthly, averaging 99.418 USD/Ton from Jun 2011 (Median) to Dec 2024, with 134 observations. The data reached an all-time high of 10,200.000 USD/Ton in Sep 2014 and a record low of 40.555 USD/Ton in Jan 2018. China Import Price: Iron Ore & Concentrate: Asia: Laos, PDR 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.

The 2020 coronavirus (Covid-19) pandemic has had a noteworthy impact on commodities prices, including metals such as iron ore. The impact of Covid-19 on the global iron ore industry is apparent from the decline in the average year-to-date price of iron ore as of May 2020 (83.50 U.S. dollars per metric ton) as compared to the average price in 2019 (90.40 U.S. dollars per metric ton). Compared to other metals, however, iron ore prices have stayed relatively resilient, and are expected to recover further during 2020 once China's steel production increases again.

Quarterly iron ore prices have globally declined since the first quarter (Q1) of 2023, when they stood at approximately 126.32 U.S. dollars per metric ton. By Q3 2024, one metric ton of iron ore cost around 100.21 U.S.dollars, representing a decline of about 26 U.S. dollars per metric ton of iron ore worldwide since Q1 2023.

China Import Price: Iron Ore & Concentrate: Asia: Mongolia data was reported at 66.652 USD/Ton in Nov 2024. This records an increase from the previous number of 66.433 USD/Ton for Oct 2024. China Import Price: Iron Ore & Concentrate: Asia: Mongolia data is updated monthly, averaging 64.361 USD/Ton from Jan 2008 (Median) to Nov 2024, with 201 observations. The data reached an all-time high of 173.124 USD/Ton in Oct 2008 and a record low of 27.927 USD/Ton in Mar 2016. China Import Price: Iron Ore & Concentrate: Asia: Mongolia 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.

China Import Price: Iron Ore & Concentrate: Africa: S. Africa data was reported at 106.547 USD/Ton in Dec 2024. This records an increase from the previous number of 100.573 USD/Ton for Nov 2024. China Import Price: Iron Ore & Concentrate: Africa: S. Africa data is updated monthly, averaging 112.725 USD/Ton from Jan 2008 (Median) to Dec 2024, with 202 observations. The data reached an all-time high of 215.370 USD/Ton in Aug 2021 and a record low of 49.145 USD/Ton in Mar 2016. China Import Price: Iron Ore & Concentrate: Africa: S. Africa 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.

About This Dataset: Copper Prices and Market Trends

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China Import Price: Iron Ore & Concentrate: Africa: Uganda data was reported at 12,031.250 USD/Ton in Mar 2024. This records an increase from the previous number of 115.200 USD/Ton for Oct 2023. China Import Price: Iron Ore & Concentrate: Africa: Uganda data is updated monthly, averaging 373.027 USD/Ton from Jun 2011 (Median) to Mar 2024, with 12 observations. The data reached an all-time high of 19,051.567 USD/Ton in Aug 2013 and a record low of 101.005 USD/Ton in Oct 2014. China Import Price: Iron Ore & Concentrate: Africa: Uganda 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 December 2024, approximately 84.86 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 one 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 120.6 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 1.09 trillion yuan.

China Import Price: Iron Ore & Concentrate: North America: United States data was reported at 126.243 USD/Ton in Dec 2024. This records an increase from the previous number of 114.110 USD/Ton for Nov 2024. China Import Price: Iron Ore & Concentrate: North America: United States data is updated monthly, averaging 136.484 USD/Ton from Jan 2008 (Median) to Dec 2024, with 147 observations. The data reached an all-time high of 374,000.000 USD/Ton in May 2015 and a record low of 58.642 USD/Ton in Sep 2009. China Import Price: Iron Ore & Concentrate: North America: United States 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.

Nickel increased 995.38 USD/MT or 6.51% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Nickel - values, historical data, forecasts and news - updated on March of 2025.

China Import Price: Iron Ore & Concentrate: Africa: Egypt data was reported at 186,000.000 USD/Ton in Nov 2024. This records an increase from the previous number of 82.287 USD/Ton for Jun 2024. China Import Price: Iron Ore & Concentrate: Africa: Egypt data is updated monthly, averaging 90.049 USD/Ton from Sep 2008 (Median) to Nov 2024, with 75 observations. The data reached an all-time high of 186,000.000 USD/Ton in Nov 2024 and a record low of 35.109 USD/Ton in Jun 2018. China Import Price: Iron Ore & Concentrate: Africa: Egypt 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.