Value-in-use iron ore costs Q4 2024 Report

Insight 06 December 2024

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Report summary

The average global value-in-use (VIU) iron ore cost for Q4 2024 is US$59.9/t (62% Fe fines basis, CFR China). This is up 2.1% compared to the last quarter and 6.5% compared to the previous year. Despite a slight decline in energy prices in Q4 2024, cost pressures from rising wages and general inflation remain. We updated Australian and Brazilian iron ore costs in Q4.

Executive Summary
Lump and pellet premiums rose from the end of Q3 2024 due to the recovery in iron ore prices and steel mill profitability
Fines and impurities
Cash margins of Australia and Brazil dropped in Q4 2024
China’s costs and supply
VIU assumptions

Tables and charts

This report includes 6 images and tables including:

Q4 2024 value-in-use adjusted iron ore cost curve (CFR China, 62% Fe fines equivalent)
Q4 2024 VIU adjusted cost by country (CFR China)
Q4 2024 VIU adjusted cost by percentile (CFR China)

Q4 2024 seaborne iron ore cash costs by operator (CFR China, unadjusted for quality)
Q4 2024 seaborne iron ore cash costs by operator (CFR China, 62% Fe fines equivalent)
Q4 2024 China value-in-use adjusted cost curve (62% Fe fines equivalent)