Name: Value-in-use iron ore costs Q3 2024
Brand: Wood Mackenzie
SKU: 183541
Price: 5000 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Insight 26 September 2024

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Report summary

The average global value-in-use (VIU) iron ore cost for Q3 2024 is US$58.7/t (62% Fe fines basis, CFR China). This is down 1.4% compared to the last quarter and up 8.9% compared to the previous year. Despite a slight decline in energy prices in Q3 2024, cost pressures from rising labor and general inflation remain. We updated Chinese iron ore costs in Q3; the higher-than-expected production, lower diesel costs, and a weaker RMB have led to lower costs than the previous quarter. The decreases in Q3 2024’s iron ore costs are also due to the stronger US dollar we expect in 2024.

Executive Summary
Lump and pellet premiums rose in Q2 2024 due to high hot metal output
Fines and impurities
Cash margins dropped in Q3 2024
China’s costs and supply
VIU assumptions

Tables and charts

This report includes the following images and tables:

Q3 2024 value-in-use adjusted iron ore cost curve (CFR China, 62% Fe fines equivalent)Q3 2024 VIU adjusted cost by country (CFR China)Q3 2024 VIU adjusted cost by percentile (CFR China)

Q3 2024 seaborne iron ore cash costs by operator (CFR China, unadjusted for quality)Q3 2024 seaborne iron ore cash costs by operator (CFR China, 62% Fe fines equivalent)Q3 2024 China value-in-use adjusted cost curve (62% Fe fines equivalent)