Iron ore prices averaged USD 100.48 per metric ton in November, down 2.5% from October. On 29 November, the commodity traded at USD 102.50 per metric ton, up 1.0% from 31 October.
Prices declined in November as recent Chinese stimulus policies disappointed markets: Measures announced so far focus on clearing property inventories, instead of promoting new construction, which would boost iron demand through higher steel requirements. That said, prices regained some ground towards the end of November, as Chinese steel mills ramped up production due to increased profitability.
This chart displays Iron Ore (US$/mt) from 2022 to 2024.
Iron Ore CFR China (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Iron Ore CFR China | 126.32 | 111.80 | 115.02 | 129.00 | 124.12 | 112.94 | 100.21 | - |