Iron ore prices dropped in April on weaker demand and rising supply. Prices averaged USD 117.6 per metric ton in April, which was down 8.5% from March’s price and was 22.4% lower than in the same month last year. On 28 April, the benchmark iron ore 62% Fe import price, including freight and insurance, at the Chinese port of Tianjin was USD 105.5 per metric ton, which was 17.3% lower than on the same day of the previous month.
Prices declined in recent weeks as demand in top buyer China weakened. The manufacturing PMI for the country swung into contraction in April. Moreover, the peak construction season in the country, which spans from April to June, started on a weaker-than-expected footing. These developments, coupled with production curbs imposed in major steel hubs in late March, dented Chinese demand for iron. On the supply side, soaring shipments from top producer Australia added further downward pressure on prices.
This chart displays Iron Ore (US$/mt) from 2021 to 2023.
Iron Ore CFR China (prices in US$/mt, aop)
| Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
|---|---|---|---|---|---|---|---|---|
| Iron Ore CFR China | - | 199.5 | 166.7 | 111.7 | 143.1 | 138.3 | 105.6 | 99.8 |