Iron ore prices monthly 2019-2020

In May 2020, iron ore was valued at approximately 93.65 U.S. dollars per dry metric ton unit (dmtu), as compared to 100.15 U.S. dollars per dmtu in May 2019.

Iron ore price 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 in the last thirteen 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 has seen dramatic drops in the past decade, from 139.87 U.S. dollars per dry metric ton unit in March 2013 to a recent low of 40.50 U.S. dollars per dmtu in December 2015. Since then, the price has increased gradually to 95.76 U.S. dollars per dmtu as of January 2020.

Overall, the global production of iron ore has not decreased since the prices have dropped. In fact, an increase in production among the world's largest iron ore producing countries was observed in the past five years. Australia produced 930 million metric tons of iron ore in 2019, an increase of 156 million metric tons over the country's 2014 production. China is also one of 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 350 million metric tons in 2019, a notable decrease from 1.45 billion metric tons produced in 2013.

Iron ore prices from May 2019 to May 2020 (in U.S. dollars per dry metric ton unit)*

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Sources

Release date

July 2020

Region

Worldwide

Survey time period

May 2019 to May 2020

Supplementary notes

* China import Iron Ore Fines 62% FE spot (CFR Tianjin port).

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