The spot reference price for 62% Fe iron ore cfr North China was up 0.7% to $115.30 for the week ending October 19, 2012, after increasing 9.9% the week before, and is now 29.6% higher than the recent low of $89.00 on 9/7/2012. Despite opening the week down, falling 1.7% to $112.60/ton, the price rebounded and hovered slightly above $115 for the final three days of the week.

For the first quarter of 2012, the spot price for iron ore 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