Insight
Value-in-use iron ore costs Q1 2025
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The average global value-in-use (VIU) iron ore cost for Q1 2025 is US$55.6/t (62% Fe fines basis, CFR China). This cost is down 7.2% from the previous quarter and 3.3% from the same time in 2024. We expect a slight decline in energy prices for Q1 2025 quarter-on-quarter but pressure from rising labour costs and general inflation persists. In 2025, a strong dollar will offset increases in costs denominated in local currencies. We have updated Indian and African iron ore costs for Q1 2025.
Table of contents
- Executive summary
- Lump premiums rose, but pellet premiums fell in Q1 2025
- Fines and impurities
- Cash margins of Australia and Brazil to rise in Q1 2025
- China’s costs and supply
- VIU assumptions
Tables and charts
This report includes the following images and tables:
- Q1 2025 value-in-use adjusted iron ore cost curve (CFR China, 62% Fe fines equivalent)
- Q1 2025 VIU adjusted cost by country (CFR China )
- Q1 2025 VIU adjusted cost by percentile (CFR China)
- Q1 2025 seaborne iron ore cash costs by operator (CFR China, unadjusted for quality)
- Q1 2025 seaborne iron ore cash costs by operator (CFR China, 62% Fe fines equivalent)
- Q1 2025 China value-in-use adjusted cost curve (62% Fe fines equivalent)
What's included
This report contains:
Other reports you may be interested in
Insight
Value-in-use iron ore costs Q3 2025
Q3 2025 iron ore value-in-use adjusted costs are up 2.2% compared to last quarter, and margins remain at 40% in Q3 2025.
$5,000
Insight
Value-in-use iron ore costs Q2 2025
Q2 2025 iron ore value-in-use adjusted costs are up 5.3% compared to last quarter, and margins decrease to 41% in Q2 2025.
$5,000
Country Report
Global iron ore supply summary 2025
Iron ore margins remain strong in 2025. Avg cost: US$59.8/t. Capex rises to US$17.2B, driven by quality upgrades and emissions goals.
$6,750
