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Iron Ore price index
This post is a summary of the Iron ore price developments. The price developments of Iron ore are expressed in US$ prices converted FX rates applicable at the time when the price was valid. Iron ore price index developments are calculated from multiple separate sources of data to ensure statistical accuracy.
The outlook for Iron ore prices, on the second tab, is generated from different inputs including:
- Very recent price developments of immediate cost drivers of Iron ore prices
- Recent price developments of underlying feedstocks which drive the price of Iron ore
- Market futures for both cost drives and feedstocks of Iron ore prices
- Adjustment of current supply/demand imbalances in the Iron ore market
- Longer term trends in likely demand conditions
Further information on the Iron Ore price index
What is Iron ore
Iron ore is a type of rock that contains substantial amounts of iron oxides, primarily hematite (Fe2O3) and magnetite (Fe3O4). It is the primary raw material used in the production of steel, which is a vital construction material and a key component of many products used in our daily lives.
Iron ore is typically found in the form of minerals within rocks and is extracted from the earth through mining. It is then processed to produce a concentrated form of the ore, which is used in the production of steel. The concentration process typically involves crushing and grinding the ore and separating the resulting material by size.
There are several types of iron ore, which are typically classified based on the minerals that they contain. The most common types of iron ore are hematite (Fe2O3) and magnetite (Fe3O4).
Hematite is a reddish-brown mineral that is composed of iron oxide. It is the most important source of iron ore, and it is typically found in the form of a mineral called hematite Fe2O3, which is an oxide of iron and oxygen. Hematite is typically found in sedimentary rocks and is often mined through open-pit mining methods.
Magnetite is a black, magnetic mineral that is composed of iron oxide. It is an important source of iron ore and is typically found in igneous and metamorphic rocks. Magnetite is typically mined through underground mining methods.
Other types of iron ore include goethite (FeO(OH)), limonite (FeO(OH).n(H2O)), and siderite (FeCO3). These minerals are less common sources of iron ore, but they may be found in some deposits.
Iron ore is an important resource, and its extraction and processing have significant environmental impacts. The extraction of iron ore can result in the release of greenhouse gases, and the mining and transportation of the ore can also have negative impacts on the environment.
How is Iron ore produced
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Notes on the price-data
- We aim to update the data series on the 11th and 25th of each month (but we do not always make it for each chart)
- The data for the current month and recent history are fine-tuned over time.
- We are continually improving our data collection and processing methods and data will be updated from time to time as we improve the accuracy
- We are working hard to upgrade the algorithm before April 1, 2023 and a further fine-tune by July 1, 2023
- This the index trend of the price of the product group in general and not a single specification in particular
- The source of the data are exclusively public non-confidential sources
- We combine public publications, import/export records, company announcements, and sources of ad-hoc public information.
- The chart shows the price trend, nearly always taken from many statistically-correlated sources
- The data is presented in US$. The UOM of measure is shown in the Index list table
- We do our best to create an accurate representation of the trend
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- The information is provided on an “as is” basis with no guarantees of completeness, accuracy, usefulness, fitness for purpose or timeliness.
- By their nature, outlooks are always uncertain
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