The spot reference price for 62% Fe iron ore cfr North China fell 9.8% to $99.40 for the week ending August 24, 2012, the lowest level since the week ending December 4, 2009. Iron ore prices have now fallen for three straight weeks for a total decline of 14.8% over that time period.

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