Core Report | December 8, 2023

After dropping slightly last week, spot iron ore resumed its sharp upward momentum, now up six out of the last seven weeks. Spot iron ore pricing ended the week at $135.45/mt, up from $130.05/mt a week ago.This is up 3.8% week-over-week and is now the highest price since June 2022. Iron ore is the best performing metal this year, up over 17% since the beginning of the year. Iron ore continues to rally over the last several months after China’s government unveiled a series of stimulus measures to boost its economy.