Iron Ore Prices

03-04-2026 - Over the past month, the price of Iron Ore on the NYMEX has experienced an upward trajectory, increasing from $99.57/t to $107.45/t. This rise indicates a robust demand for the commodity, hinting at favorable market conditions and potential supply limitations. The forecast anticipates a further increase to $112.42/t, representing a $4.97/t or 4.6% rise from the current price, suggesting continued upward momentum. However, this positive outlook is tempered by potential market volatility that could impact raw material prices.

The current forecast highlights upward pressure on raw material prices, largely influenced by Flows data, with Exchange Rates and Seaborne Imports & Exports playing significant roles. Despite this, Technical data points to a possible downward trend, presenting mixed signals for the overall market outlook.

In contrast, a report from Fastmarkets projects a slight decline in the US ferrous scrap market for April 2026. The Trend Indicator for April is at 46.9, below the neutral 50 mark, forecasting a 3.1% month-on-month decrease in scrap prices. This suggests a modest price reduction rather than an increase, diverging from the forecast's more optimistic view.

Overall, while the forecast predicts a rise in NYMEX iron ore prices to $112.42/t in the coming month, external sources suggest a potential downturn in the near term, reflecting differing perspectives on the market's direction.