Iron Ore Price OutlookIron ore prices soared to a near-two-year high in February amid turmoil at Brazil’s Vale, the world’s largest producer of the commodity. The benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 87.3 per metric ton on 8 February, which was 15.9% higher than on the same day in January. In addition, the price was up 20.2% on a year-to-date basis and was 11.9% higher than on the corresponding day last year. The deadly collapse of an inactive dam owned by Vale at the end of January has rocked the company. In the aftermath, Vale announced it would halt some existing operations to focus on decommissioning dams, while Brazilian authorities also revoked its license to operate a dam for the Brucutu mine, stopping its production. Vale, which is a dominant player in the iron ore market, estimated that its production in 2019 could be consequently cut by around 11%. The squeeze on iron ore supply has thus far led to a sharp rise in prices. With developments still ongoing, it is unclear whether Brazilian authorities will levy additional measures upon Vale, which could further hit supply and thus feed into higher prices.
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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