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.

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 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.

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

Learn about the various factors that influence the price of iron steel per ton and how global events like the COVID-19 pandemic can impact steel prices.

India Iron Ore: Average Sale Price: Fines: 58 - 60% Fe data was reported at 3,754.000 INR/Ton in Dec 2024. This records a decrease from the previous number of 3,778.000 INR/Ton for Nov 2024. India Iron Ore: Average Sale Price: Fines: 58 - 60% Fe data is updated monthly, averaging 1,964.000 INR/Ton from Feb 2011 (Median) to Dec 2024, with 167 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.

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.

Steel decreased 101 Yuan/MT or 3.05% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Steel - values, historical data, forecasts and news - updated on March of 2025.

Graph and download economic data for Wholesale Price of Pig Iron, Composite for United States (M0410BUSM299NNBR) from Jan 1914 to Dec 1922 about composite, iron, wholesale, metals, price, and USA.

During the last quarter of 2024, the grey cast iron prices in the United States reached 2400 USD/MT in December. Despite economic difficulties, the market displayed pricing stability. Despite modest gains in manufacturing, the economy continued to shrink due to persistent supply chain problems and growing expenses. Although residential projects slowed due to high mortgage rates, demand from the automobile and construction industries remained moderate.

Explore IMARC’s newly published report, titled “Grey Cast Iron Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” offers an in-depth analysis of grey cast iron pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

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.

In the fiscal year 2022, the average import price of iron ore in Japan amounted to around 16.56 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.

Metal and Steel Price: Kolkata: Pig Iron LM Gr. IV data was reported at 40,440.000 INR/Metric Ton in Feb 2025. This records a decrease from the previous number of 42,080.000 INR/Metric Ton for Jan 2025. Metal and Steel Price: Kolkata: Pig Iron LM Gr. IV data is updated monthly, averaging 31,130.000 INR/Metric Ton from Aug 2003 (Median) to Feb 2025, with 255 observations. The data reached an all-time high of 70,205.000 INR/Metric Ton in Mar 2022 and a record low of 12,450.000 INR/Metric Ton in Oct 2003. Metal and Steel Price: Kolkata: Pig Iron LM Gr. IV data remains active status in CEIC and is reported by Joint Plant Committee. The data is categorized under India Premium Database’s Metal and Steel Sector – Table IN.WAC004: Metal and Steel Retail Prices: Kolkata: Monthly.

In April 2023, the iron ore price stood at $176 per ton (CIF, Qatar), flattening at the previous month.

Graph and download economic data for Producer Price Index by Commodity: Metals and Metal Products: Iron and Steel (WPU101) from Jan 1926 to Feb 2025 about iron, steel, metals, commodities, PPI, inflation, price index, indexes, price, and USA.

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

During the last quarter of 2024, the iron oxide prices in the United States reached 1035 USD/MT in December. Due to low demand and market saturation, the market continued to decline in Q4 2024. Slow commercial real estate activity and rising loan rates were challenges for the building industry. Market conditions deteriorated due to supply chain limitations, port labor strikes, and increased freight prices.

Explore IMARC’s newly published report, titled “Iron Oxide Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” offers an in-depth analysis of iron oxide pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

In the fourth quarter of 2023, the price of the iron scrap in the United States reached 335 USD/MT by December. Similarly, in China, the iron scrap prices hit 411 USD/MT in the same month.

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.