The spot reference price for 62% Fe iron ore cfr North China fell 8.0% to $134.60 for the week ending March 15, 2013. This was the largest weekly decline in iron ore prices since the week ending 8/31/2012.

The spot price for iron ore averaged $139.35 in 2Q12, $112.12 in 3Q12, and $120.57 in 4Q12; this compares to an average of $128.30 for full-year 2012.

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