The spot reference price for 62% Fe iron ore cfr North China fell some 7.0% to $116.20 for the week ending July 27, 2012, from $125.00 last week. This marks the third consecutive weekly decline and the lowest price since the week ending December 18, 2009.

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