The spot reference price for 62% Fe iron ore cfr North China rose 14.2% to $101.60 for the week ending September 14, 2012, the largest weekly percentage increase since the first week of January, 2010. Previously, iron ore prices had fallen for five straight weeks for a total decline of 23.7% to a 34-month low of $89.00/tonne.

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