Iron Ore Price Monthly and Annualy

The Price of Iron Ore in International Commodity Markets for April 2024 is 112.75 dollars per dmtu, as estimated by the World Bank. In comparison to the previous month, March 2024, when Iron Ore was valued at 109.79 dollars per dmtu, there has been a net change of 2.96 dollars. This represents a percentage increase of 2.63%. Looking back to April 2023, the Iron Ore price stood at 117.39 dollars per dmtu. The current data reflects a dynamic market with a modest increase in Iron Ore prices from April 2023 to April 2024, signaling potential shifts in global economic trends.

Iron Ore Price in Last 12 Months World Bank

Source: World-bank
Last Updated: 25 May 2024
Index Last 12 Months Nominal US Dollars($/dmtu) Net-Chg Percentage-Chg
13April 2023$ 117.39--
12May 2023$ 105.15 $ -12.24-11.64 %
11June 2023$ 113.45 $ 8.307.32 %
10July 2023$ 114.43 $ 0.980.86 %
9August 2023$ 110.20 $ -4.23-3.84 %
8September 2023$ 120.98 $ 10.788.91 %
7October 2023$ 118.97 $ -2.01-1.69 %
6November 2023$ 131.07 $ 12.109.23 %
5December 2023$ 137.05 $ 5.984.36 %
4January 2024$ 135.82 $ -1.23-0.91 %
3February 2024$ 124.39 $ -11.43-9.19 %
2March 2024$ 109.79 $ -14.60-13.30 %
1April 2024$ 112.75 $ 2.962.63 %

Iron Ore Price Annual World Bank

Iron Ore Price in 2023 was 120.57 dollars per dmtu estimated by the world bank.

In the previous year, 2022 Iron Ore Price was 121.30 dollars per dmtu. The net change in Iron Ore Price in 2023 was -0.73 dollars which is about a -0.61% decrease in price.

Year Price Nominal US Dollars($/dmtu) Net-ChangePercentage-Change
1960 $ 11.42--
1961 $ 11.02 $ -0.40-3.63 %
1962 $ 11.01 $ -0.01-0.09 %
1963 $ 11.02 $ 0.010.09 %
1964 $ 10.24 $ -0.78-7.62 %
1965 $ 10.66 $ 0.423.94 %
1966 $ 9.52 $ -1.14-11.97 %
1967 $ 8.86 $ -0.66-7.45 %
1968 $ 8.77 $ -0.09-1.03 %
1969 $ 9.84 $ 1.0710.87 %
1970 $ 9.84 $ 0.000.00 %
1971 $ 10.33 $ 0.494.74 %
1972 $ 10.33 $ 0.000.00 %
1973 $ 10.33 $ 0.000.00 %
1974 $ 13.38 $ 3.0522.80 %
1975 $ 17.30 $ 3.9222.66 %
1976 $ 22.72 $ 5.4223.86 %
1977 $ 23.06 $ 0.341.47 %
1978 $ 21.45 $ -1.61-7.51 %
1979 $ 23.50 $ 2.058.72 %
1980 $ 28.09 $ 4.5916.34 %
1981 $ 28.09 $ 0.000.00 %
1982 $ 32.50 $ 4.4113.57 %
1983 $ 29.00 $ -3.50-12.07 %
1984 $ 26.15 $ -2.85-10.90 %
1985 $ 26.56 $ 0.411.54 %
1986 $ 26.26 $ -0.30-1.14 %
1987 $ 25.30 $ -0.96-3.79 %
1988 $ 24.30 $ -1.00-4.12 %
1989 $ 27.83 $ 3.5312.68 %
1990 $ 32.50 $ 4.6714.37 %
1991 $ 34.76 $ 2.266.50 %
1992 $ 33.10 $ -1.66-5.02 %
1993 $ 29.09 $ -4.01-13.78 %
1994 $ 26.47 $ -2.62-9.90 %
1995 $ 28.38 $ 1.916.73 %
1996 $ 30.00 $ 1.625.40 %
1997 $ 30.15 $ 0.150.50 %
1998 $ 31.00 $ 0.852.74 %
1999 $ 27.59 $ -3.41-12.36 %
2000 $ 28.79 $ 1.204.17 %
2001 $ 30.03 $ 1.244.13 %
2002 $ 29.31 $ -0.72-2.46 %
2003 $ 31.95 $ 2.648.26 %
2004 $ 37.90 $ 5.9515.70 %
2005 $ 65.00 $ 27.1041.69 %
2006 $ 69.33 $ 4.336.25 %
2007 $ 122.99 $ 53.6643.63 %
2008 $ 155.99 $ 33.0021.16 %
2009 $ 79.98 $ -76.01-95.04 %
2010 $ 145.86 $ 65.8845.17 %
2011 $ 167.75 $ 21.8913.05 %
2012 $ 128.50 $ -39.25-30.54 %
2013 $ 135.36 $ 6.865.07 %
2014 $ 96.95 $ -38.41-39.62 %
2015 $ 55.85 $ -41.10-73.59 %
2016 $ 58.42 $ 2.574.40 %
2017 $ 71.76 $ 13.3418.59 %
2018 $ 69.75 $ -2.01-2.88 %
2019 $ 93.85 $ 24.1025.68 %
2020 $ 108.92 $ 15.0713.84 %
2021 $ 161.71 $ 52.7932.64 %
2022 $ 121.30 $ -40.41-33.31 %
2023 $ 120.57 $ -0.73-0.61 %

Introduction

In recent years, the iron ore market has experienced a significant transformation, with prices skyrocketing to unprecedented levels. This surge in iron ore prices has captured the attention of businesses and investors worldwide. In this article, we delve into the factors behind the rising iron ore price and explore its implications for various industries.

Understanding Iron Ore

Iron ore, a vital raw material in the production of steel, is found abundantly in the Earth's crust. It serves as the backbone of the steel industry, powering the construction, automotive, and manufacturing sectors. Iron ore is typically mined from vast deposits and undergoes a complex process of extraction, refinement, and transportation before reaching its final destination.

Factors Driving the Price Surge

 1. Supply and Demand Dynamics

The iron ore price surge can be attributed, in part, to the delicate balance between supply and demand. Rapid industrialization and urbanization in emerging economies, such as China and India, have fueled a soaring demand for steel. Simultaneously, disruptions in major iron ore-producing regions, such as Brazil and Australia, have strained the supply chain. This combination of factors has created a perfect storm, propelling iron ore prices to unprecedented heights.

 2. Infrastructure Investments

Government-led infrastructure projects have played a pivotal role in bolstering the demand for iron ore. Many countries are investing heavily in infrastructure development to support economic growth and enhance connectivity. The construction of bridges, highways, and railways requires vast quantities of steel, thereby driving up the demand for iron ore. These ambitious initiatives are providing a significant impetus to the surging iron ore prices.

 3. Environmental Regulations

In recent years, environmental concerns have become increasingly prominent in the mining industry. Stricter regulations aimed at reducing carbon emissions have compelled mining companies to invest in sustainable practices and cleaner technologies. However, the transition to more environmentally friendly processes has increased production costs, putting further upward pressure on iron ore prices.

Implications for Various Industries

The rising iron ore prices have far-reaching implications across multiple industries. Let's explore how different sectors are affected by this market phenomenon:

 1. Steel Industry

As the primary consumer of iron ore, the steel industry faces the most significant impact. Steel manufacturers are grappling with soaring raw material costs, which are squeezing profit margins. To maintain competitiveness, steel producers may pass on these increased costs to consumers, potentially impacting the prices of various steel products.

 2. Construction Sector

The construction industry heavily relies on steel for infrastructure development and building projects. The surging iron ore prices translate into higher steel costs, which, in turn, can inflate construction budgets. Consequently, the construction sector may witness project delays and increased construction costs, impacting both developers and end consumers.

 3. Manufacturing and Automotive Sectors

Manufacturing industries, spanning from machinery to appliances, require steel for their production processes. The rising iron ore prices can result in increased input costs, potentially affecting the competitiveness of these sectors. Moreover, the automotive industry, which relies on steel for vehicle manufacturing, may experience price pressures that could be passed on to consumers.

Conclusion

The surge in iron ore prices has reshaped the global market dynamics, impacting industries far and wide. Understanding the factors driving this price surge and its implications for various sectors is crucial for businesses and investors alike. By staying informed, embracing innovative approaches, and fostering collaboration, companies can navigate this changing landscape and harness the opportunities presented by the rising iron ore price.