Name: Value-in-use iron ore costs Q3 2025
Brand: Wood Mackenzie
SKU: 209932
Price: 5000 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Insight 22 September 2025

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Report summary

The average global value-in-use (VIU) iron ore cost for Q3 2025 is US$59.8/t on a 62% Fe fines, CFR China basis. This cost is up 2.2% from Q2 2025 and 2.0% year-on-year. We expect energy prices for Q3 2025 to climb slightly quarter-on-quarter, while pressure from rising labour costs and general inflation persists. Although the weakening US dollar index in Q3 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 Brazilian, Chinese, Indian, Guinea, Russian and Ukrainian iron ore costs for Q3 2025.

Executive summary
The freight rate
Lump premiums remain flat, and pellet premiums decline in Q3 2025
Fines and impurities
Global cash margin to remain flat in Q3 2025
China’s costs and supply
VIU assumptions

Tables and charts

This report includes the following images and tables:

Q3 2025 value-in-use adjusted iron ore cost curve (CFR China, 62% Fe fines equivalent)Q3 2025 VIU adjusted cost by country (CFR China )Q3 2025 VIU adjusted cost by percentile (CFR China)

Q3 2025 seaborne iron ore cash costs by operator (CFR China, unadjusted for quality)Q3 2025 seaborne iron ore cash costs by operator (CFR China, 62% Fe fines equivalent)Q3 2025 China value-in-use adjusted cost curve (62% Fe fines equivalent)