The spot reference price for 62% Fe iron ore cfr North China declined for the first time since late September, falling 3.2% to $118.90 for the week ending November 23, 2012, and is at the lowest level in five weeks. However, the price is still some 33.6% higher than the recent low of $89.00 on 9/7/2012.

The spot price for iron ore averaged $141.84 in 1Q, $139.35 in 2Q, and $112.12 in 3Q; this compares to an average of $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