Iron Ore Price OutlookIron ore prices soared to a nine-month high on 29 October, continuing the upward trend seen since the end of August. The benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 75.4 per metric ton on 2 November. The price was 8.2% higher than on the same day last month and was 24.6% higher than on the corresponding day last year. Moreover, the price was up 1.3% on a year-to-date basis. Robust steel production has given a boost to iron ore prices, as the commodity is a key input. Rampant steel production in China has driven the uptick in output, as steel producers accelerate production ahead of winter when antipollution regulations are strictest and output is limited. In addition, recent data revealed that steel production in the U.S. grew strongly in September against a backdrop of a piping hot economy, adding more support to prices. Regarding supply, recent data also revealed strong production growth, with production from Vale, which is one of the world’s largest producers, hitting a record high in Q3.
Iron Ore Price History Data (USD per metric ton, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Iron Ore Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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