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Iron Ore Prices, Demand and Supply Overview
India paid the most for iron ore in Q2 2026: USD 0.113/KG, up 4.6% from USD 0.108 in Q1.
Iron ore is the raw mineral feedstock for essentially all primary steelmaking, mined and processed into fines, lump, and pellet products for shipment to blast furnaces worldwide. The benchmark grade trades on a 62 percent iron content basis, with premiums or discounts applied for higher or lower purity.
Australia and Brazil are the two dominant seaborne exporters, together supplying the majority of the ore that moves by sea, while China is both the largest importer and largest domestic miner, making Chinese port inventory levels and buying activity the single biggest swing factor in global pricing.
Pellet, which requires additional processing beyond raw fines, trades at a premium reflecting the extra energy and beneficiation cost, while lump ore sits between fines and pellet.
India ran roughly 18% above Brazil, the least expensive of the group, in Q2 2026. Sourcing teams comparing origins should treat that gap as a starting point, not the full picture, since freight and duty costs still need adding on top.
Key Price Drivers
- Chinese steel mill demand and port inventory levels, the dominant swing factor in global pricing
- Australian and Brazilian export volumes, which together set the seaborne supply baseline
- Global steel production trends more broadly
- Ore grade and quality premiums, since higher-iron-content ore commands a consistent price advantage
Iron Ore Price Forecast for 2026
Expect continued firming through H2 2026 as Chinese steel production holds up better than expected against a still-soft property sector.
Australian and Brazilian export volumes should stay ample, keeping any price gains gradual rather than sharp.
India's import-reliant premium should persist given the country's growing steel output outpacing domestic ore quality upgrades.
The 4-region average rose 4.5% between the first and second quarters of 2026. We see little reason for that trend to reverse through H2, barring a genuine shift in the factors driving it.
| Region | 2026 Price Range (USD/KG) | Outlook |
| Global Average | 0.101 - 0.112 | Balance of regional supply and demand conditions |
| China | 0.106 - 0.117 | Steady steel mill utilisation kept port inventories drawing down |
| Australia | 0.096 - 0.106 | Export volumes stayed ample |
| Brazil | 0.093 - 0.103 | Brazil held its position as the most competitively priced major exporter even as prices rose alongside the rest of the market |
| India | 0.110 - 0.121 | Rising domestic steel output kept import demand firm |
For the Quarter Ending June 2026
Iron Ore Prices Q2 2026:
- China: USD 0.109/KG
- Australia: USD 0.099/KG
- Brazil: USD 0.096/KG
- India: USD 0.113/KG
Iron Ore Prices in China
USD 0.109/KG. That is where China landed in Q2 2026, up 4.8% from USD 0.104/KG in Q1 2026, placing it the 2nd most expensive across the 4 regions covered in this report.
Why did the price of Iron Ore change in Q2 2026 in China?
Steady steel mill utilisation kept port inventories drawing down, supporting another firm increase, leaving China running roughly 4.6% above the 4-region average for the quarter.
Iron Ore Prices in Australia
Australia's price gained 4.2% to USD 0.099/KG, export volumes stayed ample but firm Chinese buying kept, putting it the 3rd most expensive of the 4 markets tracked this quarter.
Why did the price of Iron Ore change in Q2 2026 in Australia?
Export volumes stayed ample, but firm Chinese buying kept prices moving higher in step with the broader market, with Australia now sitting about 5.0% below the 4-region average this quarter.
Iron Ore Prices in Brazil
In Q2 2026, Brazil priced at USD 0.096/KG, up 4.3% from USD 0.092/KG the previous quarter, making it the most affordable of the 4 markets tracked here this quarter.
Why did the price of Iron Ore change in Q2 2026 in Brazil?
Brazil held its position as the most competitively priced major exporter even as prices rose alongside the rest of the market, which puts Brazil roughly 7.9% below the average across the 4 regions this report tracks.
Iron Ore Prices in India
India reached USD 0.113/KG in Q2 2026, rising domestic steel output kept import demand firm supporting, ranking it the priciest among the 4 markets this report follows.
Why did the price of Iron Ore change in Q2 2026 in India?
Rising domestic steel output kept import demand firm, supporting a steady increase, working out to India trading about 8.4% above this quarter's 4-region average.
For the Quarter Ending March 2026
Iron Ore Prices Q1 2026:
- China: USD 0.104/KG
- Australia: USD 0.095/KG
- Brazil: USD 0.092/KG
- India: USD 0.108/KG
Iron Ore Prices in China
USD 0.104/KG. That is where China landed in Q1 2026, up 2.0% from USD 0.102/KG in Q4 2025, placing it the 2nd most expensive across the 4 regions covered in this report.
Why did the price of Iron Ore change in Q1 2026 in China?
Early-year restocking ahead of the spring construction season lifted demand and prices together, leaving China running roughly 4.3% above the 4-region average for the quarter.
Iron Ore Prices in Australia
Australia's price gained 1.9% to USD 0.095/KG, consistent shipment volumes met firm Chinese demand supporting a, putting it the 3rd most expensive of the 4 markets tracked this quarter.
Why did the price of Iron Ore change in Q1 2026 in Australia?
Consistent shipment volumes met firm Chinese demand, supporting a steady early-year gain, with Australia now sitting about 4.8% below the 4-region average this quarter.
Iron Ore Prices in Brazil
In Q1 2026, Brazil priced at USD 0.092/KG, up 2.0% from USD 0.090/KG the previous quarter, making it the most affordable of the 4 markets tracked here this quarter.
Why did the price of Iron Ore change in Q1 2026 in Brazil?
Export volumes held steady, tracking the broader global price trend upward, which puts Brazil roughly 7.8% below the average across the 4 regions this report tracks.
Iron Ore Prices in India
India reached USD 0.108/KG in Q1 2026, growing domestic steel production supported firm early-year import demand, ranking it the priciest among the 4 markets this report follows.
Why did the price of Iron Ore change in Q1 2026 in India?
Growing domestic steel production supported firm early-year import demand, working out to India trading about 8.3% above this quarter's 4-region average.
Quarterly Iron Ore Price Trends
The global average climbed steadily across the window, from USD 0.092/KG in Q1 2025 to USD 0.104 by Q2 2026, a gain of 12.7% over six quarters.
| Quarter | Price (USD/KG) | QoQ Change | Direction |
| Q2 2026 | 0.104 | +4.5% | ↑ Rising |
| Q1 2026 | 0.100 | +1.9% | ↑ Rising |
| Q4 2025 | 0.098 | +1.9% | ↑ Rising |
| Q3 2025 | 0.096 | +1.9% | ↑ Rising |
| Q2 2025 | 0.094 | +1.9% | ↑ Rising |
| Q1 2025 | 0.092 | - | - Stable |
| Q3 2026 | In Progress | - | - In Progress |
What was Iron Ore Price in 2025?
2025 was a steadily firming year for iron ore. Starting near USD 0.092/KG in Q1, the global average finished the year at USD 0.098, a 5.8% increase across the four quarters.
Iron Ore Prices in China in 2025
China prices moved from about USD 0.096/KG in Q1 2025 to USD 0.102 by Q4, up roughly 6.2%, leaving China in 2 place among the 4 tracked markets heading into the new year.
Iron Ore Prices in Australia in 2025
Australia prices moved from about USD 0.088/KG in Q1 2025 to USD 0.093 by Q4, up roughly 5.9%. That left Australia ranked 3 of 4 tracked markets heading into 2026.
Iron Ore Prices in Brazil in 2025
Brazil prices moved from about USD 0.085/KG in Q1 2025 to USD 0.090 by Q4, up roughly 6.1%, placing Brazil 4 of 4 tracked markets as 2025 closed out.
Iron Ore Prices in India in 2025
India prices moved from about USD 0.101/KG in Q1 2025 to USD 0.106 by Q4, up roughly 5.2%. India closed the year ranked 1 of the 4 markets this report tracks.
How We Can Help
Expert Market Research: Your Source for Real-Time Iron Ore Price Intelligence
Our analysts track iron ore pricing across every major producing and consuming region, working back from the headline number to the haematite and magnetite iron ore deposits costs and demand shifts actually driving it. That view gets refreshed regularly as new cost, policy, and demand data comes in.
Production capacity, feedstock cost trends, and regional demand signals all feed into our forecasts, which are built to support real procurement decisions like budgeting and supplier negotiation rather than serve as a single static reference point.
Our analysts can also provide a more granular regional breakdown, extended historical data beyond this report's six-quarter window, or a custom sourcing analysis built for your specific footprint.
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Key Questions Answered in the Report
Pellet, which requires additional processing beyond raw fines, trades at a premium reflecting the extra energy and beneficiation cost, while lump ore sits between fines and pellet.
In Q2 2026, it averaged USD 0.109/KG in China, USD 0.099/KG in Australia, USD 0.096/KG in Brazil, USD 0.113/KG in India, with India the priciest of the 4 markets tracked in this report.
The global average moved from USD 0.098/KG in Q4 2025 to USD 0.100 in Q1 2026, then to USD 0.104 by Q2, a 6.5% increase across the two quarters.
Steady steel mill utilisation kept port inventories drawing down supporting another firm increase, with similar dynamics playing out across the other regions this report tracks, each shaped by its own local mix of supply and demand.
Expect continued firming through H2 2026 as Chinese steel production holds up better than expected against a still-soft property sector.
India commands the highest price of the 4 markets in this report, while Brazil runs the most affordable. Local production economics, import exposure, and demand strength drive most of that gap, and the ranking is not fixed from quarter to quarter.
Chinese steel mill demand and port inventory levels, the dominant swing factor in global pricing; Australian and Brazilian export volumes, which together set the seaborne supply baseline; Global steel production trends more broadly, along with broader macroeconomic conditions across the 4 regions this report tracks.
Iron ore is the raw mineral feedstock for essentially all primary steelmaking, mined and processed into fines, lump, and pellet products for shipment to blast furnaces worldwide. The benchmark grade trades on a 62 percent iron content basis, with premiums or discounts applied for higher or lower purity.
The 62 percent Fe benchmark, most closely tracked through Chinese import prices, has become the industry reference point because it represents the most commonly traded seaborne fines grade. Higher-grade ore, typically 65 percent or above, trades at a consistent premium, while lower-grade ore trades at a discount to this benchmark.
Monthly, though our analysts flag any material shift in feedstock costs or regional demand as soon as it emerges.
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