Global price of Iron Ore
This dataset tracks global price of iron ore over time.
Latest Value
96.17
Year-over-Year Change
-11.04%
Date Range
1/1/1990 - 6/1/2025
Summary
The global price of iron ore, as measured by the PIORECRUSDM series, reflects the worldwide spot market price for this essential raw material. It is a key economic indicator closely watched by steel producers, mining companies, and policymakers.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Iron ore is a critical input for steel production, which is vital for manufacturing, construction, and infrastructure development. The PIORECRUSDM series tracks the daily spot price of iron ore, providing real-time insights into global supply and demand dynamics for this important commodity.
Methodology
The data is collected by commodity market analysts and reported through various pricing indexes.
Historical Context
Iron ore prices influence the profitability and investment decisions of mining firms, as well as the costs faced by steel manufacturers and downstream industries.
Key Facts
- Iron ore is the primary raw material used in steel production.
- China is the world's largest producer and consumer of iron ore.
- Iron ore prices peaked at over $230 per metric ton in 2021.
FAQs
Q: What does this economic trend measure?
A: The PIORECRUSDM series measures the global spot market price for iron ore, a critical input for the steel industry.
Q: Why is this trend relevant for users or analysts?
A: Iron ore prices are a key indicator of global industrial activity and a driver of costs for steel producers and downstream industries.
Q: How is this data collected or calculated?
A: The data is collected by commodity market analysts and reported through various pricing indexes.
Q: How is this trend used in economic policy?
A: Iron ore prices are closely monitored by policymakers and central banks as they can impact inflation, trade balances, and the profitability of mining and manufacturing sectors.
Q: Are there update delays or limitations?
A: The PIORECRUSDM series is updated daily, providing real-time insights into the global iron ore market.
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Citation
U.S. Federal Reserve, Global price of Iron Ore (PIORECRUSDM), retrieved from FRED.