Iron Ore Prices

Iron ore prices averaged USD 105.55 per metric ton in January, up 0.9% from December. On 30 January, the commodity traded at USD 102.90 per metric ton, down 2.6% from 31 December.

In January, average iron ore prices remained broadly in line with December levels. Expectations of macro-economic support and pre-Lunar New Year holiday restocking in China supported prices at the start of the month. That said, in the second half of the month, prices dropped, erasing the gains recorded earlier in January: Oversupply concerns weighed on prices, as Beijing confirmed a substantial drop in steel output, cargo from a major new mine in Africa arrived in China, and port stockpiles rose.