The spot reference price for 62% Fe iron ore cfr North China Increased 3.0% to $139.40 for the week ending December 28, 2012. The price has since moved up another 10.0% this week to $153.30 – the highest level since 10/18/2011 and some 76.8% higher than the recent low of $86.70 on 9/5/2012.

The spot price for iron ore averaged $141.84 in 1Q, $139.35 in 2Q, and $112.12 in 3Q; this compares to an average of $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