Iron Ore Prices man

Iron ore prices averaged USD 98.41 per metric ton in February, down 6.8% from January. On 27 February, the commodity traded at USD 97.50 per metric ton, down 5.2% from 30 January.

In February, average iron ore prices fell at the fastest pace in over a year, posting the weakest performance in the base metals complex. The decline in prices reflected a surge in port inventories and reduced demand amid softer steel output in China and the Lunar New Year holiday. Moreover, major miners increased output, with Australia’s Port Hedland—the largest export gateway for the commodity—reporting shipments of 49.2 million tons last month, a record for January.