The spot reference price for 62% Fe iron ore cfr North China rose 4.7% to $106.40/tonne for the week ending September 21, 2012, despite falling 2.9% from Tuesday’s peak of $109.60. Prior to the last two weeks, iron ore prices declined 23.7% over five weeks of consecutive decreases, to a 34-month low of $89.00/tonne.

For the first quarter of 2012, the iron ore price averaged $141.84, and for 2Q, $139.35; this compares to an average of $176.90 for 1H 2011 and $167.59 for full-year 2011. The post-recession low was $59.10 on March 27, 2009, while the high was $190.19 on February 17, 2011.

Source: The Steel Index