Iron Ore Price History: Monthly Global Price Since 1992

Iron ore is the primary raw material for steel — over 95% of mined ore is used in steelmaking — which makes its price one of the cleanest market reads on global construction and Chinese industrial demand. This dataset tracks the IMF Primary Commodity Prices benchmark, the 62% Fe spot price delivered to China, published monthly in US dollars per metric ton and distributed via FRED under the code PIORECRUSDM, with continuous coverage since 1992. Australia and Brazil dominate exports; China consumes the majority.

Dataset: Iron Ore Price (1992–2026) · Updated 2026-03-01

Source: IMF Primary Commodity Prices · International Monetary Fund (via FRED)

Macro Takeaway

Dataset Overview

Dataset Variables

The CSV and Excel files contain the following columns. Each row represents one calendar month.

Column names match the CSV headers exactly.

Download the Complete Dataset

The full dataset is available in CSV and Excel formats — monthly observations covering more than three decades.

FRED Direct CSV Access

The underlying data is published in the Federal Reserve Economic Data (FRED) database under the series code PIORECRUSDM, sourced from the IMF Primary Commodity Prices dataset:

https://fred.stlouisfed.org/graph/fredgraph.csv?id=PIORECRUSDM

The Eco3min dataset mirrors the same monthly series, packaged in a stable, versionable CSV with consistent column names — designed for direct ingestion in Python, R, or any data pipeline. The URL never changes, making it suitable for automated scripts.

Direct CSV Access — Eco3min Structured Dataset

https://eco3min.fr/dataset/iron-ore-price.csv

This URL returns the complete dataset in CSV format. It can be used directly in pandas, R, curl, or any data tool.

Using the Dataset in Python

import pandas as pd

url = "https://eco3min.fr/dataset/iron-ore-price.csv"
df = pd.read_csv(url, parse_dates=["date"])

print(df.head())
print(df["iron_ore_price"].describe())

df.plot(x="date", y="iron_ore_price", title="Iron Ore Price", legend=False)

Using the Dataset in R

library(readr)

url <- "https://eco3min.fr/dataset/iron-ore-price.csv"
df <- read_csv(url)

head(df)
summary(df$iron_ore_price)

Both examples load the dataset directly from the URL — no download or API key required.

Methodology

The IMF reports the iron ore price in US dollars per dry metric ton, based on the 62% Fe spot price delivered (CFR) to China.

Values are monthly averages, which smooth the intra-month swings visible in daily futures and physical quotes. The series begins in 1992.

This dataset is updated monthly via an automated pull from the FRED API (series PIORECRUSDM) by an Eco3min pipeline running on GitHub Actions, which regenerates the cleaned CSV and Excel files and refreshes the page metadata.

Data Quality & Provider Notes

The IMF/benchmark price is a widely cited physical-market reference. A few provider-specific points matter when using this series.

• Release latency. The IMF publishes Primary Commodity Prices monthly, typically in the first week of the following month. FRED ingests the update shortly after, and Eco3min mirrors it with a monthly pull. The series is not a real-time price.
• Monthly average vs futures spot. This series is a monthly average. It will differ from any single exchange settlement, and a monthly average necessarily understates intra-month peaks.
• Revisions. Prices are market-derived and not subject to the vintage revisions of survey-based macro series, though the IMF can restate recent observations.
• Alternative sources. ICE futures and the originating auction or indicator bodies provide higher-frequency or contract-specific quotes.

Common Pitfalls When Using This Series

1. Confusing nominal and real prices. This series is nominal. Comparing an early-1990s reading to a recent one without adjusting for cumulative inflation overstates the real change. Deflating by CPI gives the true purchasing-power move.
2. Reading the monthly average as a market price. Headlines quote exchange futures; this dataset reports the monthly benchmark average. The two diverge most during fast-moving rallies.
3. Unit confusion. This series is the 62% Fe spot price CFR China in US dollars per metric ton; it differs from lower-grade (58% Fe) or higher-grade (65% Fe) products and from SGX iron ore futures.

Historical Regimes

1992–2002 — Benchmark-priced and low. Prices were set by annual contract negotiations between miners and steelmakers, and stayed low and stable.

2003–2011 — China supercycle. Explosive Chinese steel demand drove a decade-long boom, peaking near $190 per ton in 2011 as annual benchmarks gave way to spot pricing.

2012–2015 — Glut and collapse. Surging Australian and Brazilian supply plus a Chinese property slowdown crashed prices roughly 50% in 2014, to a low near $65 per ton in December 2014.

2016–2019 — Recovery. A Chinese stimulus-led rebound and the 2019 Vale Brumadinho dam disaster, which cut supply, lifted prices.

2020–2021 — Record. Post-Covid Chinese steel demand drove iron ore to an all-time high around $220 per ton in May 2021, before Chinese output curbs roughly halved it by year-end.

2022–2026 — China property drag. A prolonged Chinese property downturn capped prices in a roughly $90-130 per ton range.

Related Macroeconomic Datasets

Commodity Price Hub

This dataset is part of the Eco3min commodity price repository — energy, metals, agricultural softs, and grains, all sourced from IMF Primary Commodity Prices via FRED.

Explore the Commodity Price Hub

Sources

• International Monetary Fund — Primary Commodity Prices, Global Price of Iron Ore
• Federal Reserve Bank of St. Louis — FRED database, series PIORECRUSDM
• 62% Fe CFR China spot assessments — basis underlying the IMF series

Dataset Reference

Eco3min Research. (2026). Iron Ore Price — Global Monthly Price (1992-2026). Source: IMF Primary Commodity Prices via FRED.<br> https://eco3min.fr/en/iron-ore-price-history-dataset/