Iron ore prices 2003-2019

This statistic shows the average commodity price for iron ore from 2003 to 2019. In 2019, iron ore was worth an average of approximately 93.85 U.S. dollars per dry metric ton unit (dmtu), compared to 30 U.S. dollars per dmtu in 2003.

Iron Ore

Iron ore is comprised 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 120.24 U.S. dollars per dmtu in July 2019 down to a low of 76.16 U.S. dollars per dmtu in January 2019.

Australia has the world's largest iron ore reserves, at 50 billion metric tons of crude iron ore as of 2018. In that year, Australia was 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 2017.

Iron ore prices from 2003 to 2019

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Sources

Release date

January 2020

Region

Worldwide

Survey time period

2003 to 2019

Supplementary notes

Iron ore prices shown for 2003-2012 are the Asian Basin price for Hamersley fines sourced from the AME Group Iron Ore Outlook and were taken from various editions of this report.
All prices are average prices rounded to the nearest U.S. dollar.

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