Insight
Value-in-use iron ore costs Q2 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 Q2 2025 is US$58.5/t (62% Fe fines basis, CFR China). This cost is up 5.3% from Q1 2025 and down 1.6% compared to the same period in 2024. Although the weakening US dollar index in the second quarter has had a positive impact on the cost in US dollars, a strong dollar in 2025 will offset increases in costs denominated in local currencies. We have updated Australian, Brazilian and Canadian iron ore costs for Q2 2025.
Table of contents
- Executive summary
- Lump and pellet premiums decline slightly in Q2 2025
- Fines and impurities
- Cash margins of Australia and Brazil to shrink in Q2 2025
- China’s costs and supply
- VIU assumptions
Tables and charts
This report includes the following images and tables:
- Q2 2025 VIU adjusted cost by country (CFR China)
- Q2 2025 VIU adjusted cost by percentile (CFR China)
- Q2 2025 seaborne iron ore cash costs by operator (CFR China, unadjusted for quality)
- Q2 2025 seaborne iron ore cash costs by operator (CFR China, 62% Fe fines equivalent)
- Q2 2025 China value-in-use adjusted cost curve (62% Fe fines equivalent)
What's included
This report contains:
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