The spot reference price for 62% Fe iron ore cfr North China rose 1.2% to $155.10 for the week ending February 8, 2013 but closed down 2.1% from the 15-month high $158.50 on 1/8/2013.
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
Thanks for the info and analysis on iron ore prices.
Can you indicate the prices for various grades?
Is this prices for concentrate? The most economical steel making practices for a BF require a minimum of 63.5% FeT and for DR grade 67% FeT. The reporting of 62%FeT is an indication of an inferior quality iron ore and either the ore has to be enhanced in quality to those specs or the steel making practice will be most inefficient and perhaps products will be effected in meeting spec.
This seems to be the case all over the east and far east, whereas, meeting higher standards through beneficiation and upgrading materials, as well as steel making practices, could certainly put some confidence into products coming out of those areas.