Based on China's import of iron ore fines of 62% iron content (average spot price in US dollars per metric tonne in a given year of unloading port / freight on board at the Tianjin port), the average price was US$167.79 in 2011. This line graph shows average monthly iron ore prices in US dollars per tonne from 2011 to 2020. A combination of sustained demand and supply challenges caused by the COVID-19 pandemic contributed to the rise. For the first five months of 2020, iron ore prices hovered around US$90 per tonne, but subsequently rose to US$155 per tonne by December. In 2019, prices rose to a high of US$120 per tonne in July 2019 and subsequently declined to US$93 per tonne in December. Iron ore prices have fluctuated significantly over the past decade, reaching a high of US$187 per tonne in February 2011 and a low of US$41 per tonne in December 2015. In 2020, Canada was a net exporter of semi-finished steel products, with imports of 6.8 million tonnes and exports of 6.9 million tonnes.
Concentrates are unfinished products used in the production of blast furnace pellets and pellets used for metallization. Imports of concentrates came primarily from Australia (49%) and Sweden (47%). The imports of pellets came almost exclusively from the United States. Pellets represented 99.3% of the imported volume and concentrates represented 0.7%. ImportsĬanada imported 7.1 million tonnes of iron ore valued at $0.8 billion in 2020, which is much less than the 16.6 million tonnes in 2019. Concentrates accounted for the remaining 71% of the volume and 23% of the value. Iron ore pellets accounted for 29% of the volume, but 77% of the value.
In 2020, the Canadian steel industry exported 6.9 million tonnes of semi-finished steel products.Ĭanada exported 55.3 million tonnes of iron ore valued at $3.0 billion in 2020, down from 52.2 million tonnes in 2019. World reserves of crude iron ore, by country, 2020 (p) Ranking
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