Iron Ore Prices

Iron ore prices averaged USD 102.47 per metric ton in November, down 0.3% from October. On 28 November, the commodity traded at USD 103.70 per metric ton, down 0.8% from 31 October.

In November, average iron ore prices remained broadly stable compared to October. Slower momentum in the Chinese manufacturing sector likely weighed on prices. That said, expectations of Fed rate cuts in December and the People’s Bank of China’s policy support to the domestic economy lifted prices at the end of the month. On the supply side, falling iron ore exports from Australia and Brazil—the world’s two largest miners—fanned prices.