Iron Ore
The raw material of steel, priced by the tonne and dominated by Australian and Brazilian supply.
Overview
Around 1.4 billion tonnes trade seaborne yearly, with BHP, Rio Tinto, Vale, and Fortescue shipping the bulk from the Pilbara and Carajas to Chinese mills, which import most of it. Grades price by iron content, with 62 percent fines the Singapore benchmark, premiums for lump and pellets, and discounts for lower grade. China property cycles, steel production caps, and stimulus drive price, as does the Simandou project in Guinea ramping toward the end of the decade. Derivatives run on the Singapore and Chinese exchanges, and the collapse from record 2021 highs tracked the property developer crisis and steel curbs.
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