Iron Ore fell to 96.71 USD/T on July 11, 2025, down 0.05% from the previous day. Over the past month, Iron Ore's price has risen 1.31%, but it is still 11.74% 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.

Explore the dynamics of the iron ore market, focusing on Australia's role as a leading exporter. Understand how global demand, geopolitical tensions, and environmental policies influence iron ore prices, especially in AUD. Learn about factors affecting pricing trends, including China's demand, exchange rates, and future shifts towards greener technologies.

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.

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 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 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.

Iron Ore Price in Australia - 2023. Find the latest marketing data on the IndexBox platform.

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.

The size of the Iron Ore Market was valued at USD 278.44 billion in 2023 and is projected to reach USD 306.90 billion by 2032, with an expected CAGR of 1.4 % during the forecast period. Iron ore market has been a significant component of the world mining industry, as iron ore has been constantly in demand as a raw material used in steel production. Iron ore remains essential in the production of high-quality steel, which is used to make everything from buildings and bridges to automobiles and machinery, and hence it remains the backbone of the global construction, automotive, infrastructure, and manufacturing sectors. The market is influenced by trends in steel production, and some of the largest consumers of iron ore are China, India, and Japan, whose massive steel industries drive up the demand for these commodities. The global iron ore market is highly subject to demand fluctuations, which are often linked to the global economic conditions. For instance, during the expansionary phases of the economy, especially in emerging economies, steel demand increases, thereby driving up iron ore prices. Conversely, during the slowdown phases of the economy, demand for steel—and consequently iron ore—may decline. Production and supply chain dynamics also influence the market. Preeminent producers in the global marketplace, Australia, Brazil, and India are also leaders in supply. Recent developments include: In April 2024, Australia-based Strike Resources Limited, an iron ore company, completed its negotiations to sell its Pilbara Paulsens East Iron Ore Project to Australia-based Miracle Iron Holdings for ~USD 13.4 million (A$ 20.5 million). .

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.

Exploration activity has remained volatile over the past few years because of fluctuating commodity prices and inflationary pressures. Supply chain disruptions driven by the pandemic elevated commodity prices, spurring drilling activity to its peak of over 12.5 million metres drilled in 2021-22. However, as commodity prices softened and inflationary pressures mounted, the appetite for exploration activity has dampened, causing drilling activity to retreat from its peak and slump over the two years through 2023-24. Despite this, inflationary pressures, driven by labour shortages and supply constraints, have lifted input costs, offsetting exploration expenditure declines even as activity remains subdued. Established miners have focused on brownfield exploration, expanding and prolonging existing mines thanks to their lower risk and more predictable returns. Greenfield exploration is more speculative, and less than 1.0% of projects transition to mining operations. This higher risk, coupled with volatile commodity prices and heightened interest rates, has undermined investor enthusiasm for greenfield ventures. Still, rising global demand for base metals and critical minerals, along with government-led initiatives, has sustained greenfield exploration. These programs, like Exploring for the Future and the Junior Minerals Exploration Incentive, have boosted investor and explorer interest through essential data and funding, helping companies reduce uncertainty and explore underexplored territories. Mineral exploration expenditure is expected to climb at an annualised 3.5% over the five years through 2024-25, to $4.2 billion. This includes an expected 4.8% slump in 2024-25 because of softening exploration activity driven by low commodity prices. Net zero targets and supportive government policies will spur exploration for base metals and critical minerals, as these commodities are crucial inputs for energy transition. While commodity prices are forecast to remain low and restrain exploration in the short term, longer-term state and federal government strategies like Australia's Critical Minerals Strategy will support greenfield exploration. Brownfield exploration is set to underpin exploration expenditures as miners aim to optimise production scales as a result of mounting global competition, but high interest rates and low commodity prices could limit spending in the near term. Over the medium term, as inflation moderates, easing monetary policies worldwide should elevate exploration budgets. Global competition will intensify, with cost pressures and the allure of lower-cost international deposits prompting domestic giants to scout for opportunities abroad, weighing on domestic exploration expenditures. Mineral exploration expenditure is forecast to expand at an annualised 1.1% through 2029-30 to $4.4 billion

Discover the latest trends in the Australian iron ores and concentrates market as demand continues to rise. Forecasts show market performance is expected to grow steadily over the next decade, with volume reaching 1,804M tons and value reaching $185.8B by 2035.

Manganese traded flat at 29.45 CNY/mtu on July 11, 2025. Over the past month, Manganese's price has risen 0.34%, but it is still 16.45% 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.

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.

The industry has expanded over the past few years on the back of higher commodity prices. Global supply disruptions resulting from the pandemic and the Russia-Ukraine conflict, along with supply constraints, caused prices for commodities like iron ore, nickel and coal to soar over the two years through 2021-22, benefiting wholesalers that serviced foreign buyers and stimulating a revenue expansion. While commodity prices have retracted from their peaks and driven down wholesalers' revenue in the following years, alumina and bauxite supply bottlenecks in China and Guinea have propelled alumina prices in late 2024, boosting Australia's alumina and aluminium export revenue and supporting wholesalers' performance in 2024-25. Heightened steel imports have also given domestic metal and mineral wholesalers an opportunity to source competitively priced grades from abroad, meeting domestic demand while supporting their growth. Revenue is anticipated to have risen at an annualised 1.8% over the five years through 2024-25, including an anticipated 1.8% climb in 2024-25, to $32.6 billion. However, as in most wholesaling industries, profit margins are very slim, and the highly volatile movements have made it hard for many wholesalers to sustain profitability. Larger wholesalers with robust risk-management strategies and supply agreements have adapted better. Meanwhile, smaller players have struggled amid volatile prices, which have caused some smaller wholesalers to exit the industry, resulting in a dip in the number of enterprises over the past five years. Commodity prices are forecast to soften over the medium term, particularly as tensions between major global economies threaten to curtail international trade. Alumina prices spiked in late 2024, but a loosening of supply constraints is anticipated to lower prices in the coming quarters, shrinking wholesalers' revenue base. Weaker Chinese demand, exacerbated by geopolitical frictions like US tariffs and slower global GDP growth, will compound downwards pressure on prices for key commodities like iron ore. However, a rebound in domestic construction activity is set to redirect some wholesalers away from export-focused strategies. As costs stabilise, local residential and commercial projects will likely pick up, with greater emphasis on multi-unit builds and government-backed initiatives like the Housing Australia Future Fund. Over the longer term, there will be a pivot away from fossil fuels, with demand for battery metals – nickel, copper and aluminium – gaining traction as part of the global shift towards cleaner energy. Overall, industry revenue is forecast to dip at an annualised 0.5% over the five years through 2029-30 to $31.9 billion.

Discover the latest forecast on the Australian iron ores and concentrates market, with an expected upward consumption trend for the next decade. Market performance is predicted to grow steadily, reaching 1,806M tons in volume and $207.7B in value by 2035.

Coal rose to 112 USD/T on July 11, 2025, up 0.90% from the previous day. Over the past month, Coal's price has risen 7.07%, but it is still 16.32% 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.

Nickel fell to 15,235 USD/T on July 11, 2025, down 0.33% from the previous day. Over the past month, Nickel's price has risen 0.86%, but it is still 9.62% lower than a year ago, 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 July of 2025.

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.