Iron Ore rose to 106.94 USD/T on December 1, 2025, up 2.00% from the previous day. Over the past month, Iron Ore's price has risen 1.04%, and is up 1.54% 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 December 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.

Iron Ore CNY rose to 794 CNY/T on November 28, 2025, up 0.70% from the previous day. Over the past month, Iron Ore CNY's price has fallen 1.31%, but it is still 0.13% higher 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.

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.

Iron ore miners have faced difficult trading conditions because of easing iron ore prices over the past few years, despite the nation maintaining its status as the world's largest iron ore supplier and benefiting from proximity to Asian markets. However, modest growth in production volumes has partly offset revenue declines. Industry revenue is expected to have sunk at an annualised 1.7% over the five years through 2024-25, to $131.5 billion. Easing iron ore prices, driven primarily by a slowdown in China's construction sector and soaring supply, are weighing on iron ore miners' revenue and export values. Despite an economic stimulus from the Chinese government aimed at its property sector, iron ore prices are poised to remain low throughout 2024-25, prompting an anticipated revenue slump of 18.0% over the year. Iron ore prices remained volatile in the first half of 2025, with sweeping US tariffs initially weakening market sentiment and pushing prices down. The following scaling back of these tariffs helped fuel a partial recovery in iron ore prices. The industry’s profitability has eroded over recent years – including an expected drop in 2024-25 – because of lower prices and soaring input costs. Australia's domestic iron ore production has grown from 911.1 million tonnes in 2019-20 to an estimated 968.7 million tonnes in 2024-25. Expansion plans and investments by prominent producers like BHP, Rio Tinto and Fortescue in projects like the South Flank, Gudai-Darri and Iron Bridge operations have fuelled this growth. Rising input expenses, attributable to inflation and labour shortages, along with weak iron ore prices, are forcing producers to undertake aggressive cost-slashing measures, prompting market leaders to undertake job cuts and maintain lean operations. Operating at a lower end of the cost curve will be crucial for Australian iron ore miners to ride out market volatility over the coming years. While Australia is on track to ramp up production to over 1.0 billion tonnes by 2026-27, iron ore prices are projected to fall over the five years through 2029-30 because of surging supply from producers in Australia and Brazil and new mines like the Simandou project. Iron ore miners' revenue is forecast to contract at an annualised 3.9% over the five years through 2029-30, to $107.8 billion. Major companies are set to continue dominating the iron ore mining sector due to several expansion projects. The industry focus will likely shift towards emerging opportunities in the green iron and steel market, spurred by initiatives like the $1.0 billion Green Iron Investment Fund.

In June 2023, the price of Iron Ore amounted to $69.1 per ton (FOB, Brazil), decreasing by -16.9% compared to the previous month.

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.

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 (***** U.S. dollars per metric ton) as compared to the average price in 2019 (***** 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.

The Canadian iron ore market shrank significantly to $532M in 2024, which is down by -32.3% against the previous year. Overall, consumption recorded a deep contraction. As a result, consumption reached the peak level of $1.4B. From 2022 to 2024, the growth of the market remained at a lower figure.

The German iron ore market declined remarkably to $2.6B in 2024, which is down by -23% against the previous year. Over the period under review, consumption saw a pronounced decline. As a result, consumption reached the peak level of $5.1B. From 2022 to 2024, the growth of the market failed to regain momentum.

India Iron Ore: Average Sale Price: Fines: 58 - 60% Fe data was reported at 3,714.000 INR/Ton in Feb 2025. This records a decrease from the previous number of 3,786.000 INR/Ton for Jan 2025. India Iron Ore: Average Sale Price: Fines: 58 - 60% Fe data is updated monthly, averaging 1,988.000 INR/Ton from Feb 2011 (Median) to Feb 2025, with 169 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.

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.

In September 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.

The CIS iron ore market dropped to $41.1B in 2024, which is down by -9.5% against the previous year. In general, consumption showed a slight descent. As a result, consumption reached the peak level of $62.8B. From 2022 to 2024, the growth of the market remained at a lower figure.

For the third year in a row, the GCC iron ore market recorded decline in sales value, which decreased by -7% to $1.5B in 2024. Overall, consumption, however, continues to indicate a mild contraction. As a result, consumption reached the peak level of $2.7B. From 2022 to 2024, the growth of the market remained at a somewhat lower figure.

In 2019, the global iron ore market increased by X% to $X, rising for the third consecutive year after three years of decline. In general, the total consumption indicated a pronounced increase from 2007 to 2019: its value increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +X% against 2016 indices. The pace of growth was the most pronounced in 2011 with an increase of X% year-to-year. Global consumption peaked at $X in 2013; however, from 2014 to 2019, consumption remained at a lower figure.

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.

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.

In 2024, the Chinese iron ore market was finally on the rise to reach $113.6B after two years of decline. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $153.2B. From 2022 to 2024, the growth of the market remained at a somewhat lower figure.

The Russian iron ore market dropped to $39.5B in 2024, declining by -9.7% against the previous year. In general, consumption showed a mild shrinkage. As a result, consumption reached the peak level of $60.6B. From 2022 to 2024, the growth of the market remained at a lower figure.