In 2023, the average value of iron ore in the US stood at $108.50 per metric ton. The forecast data indicates a gradual increase from $109.98 in 2024 to $116.82 in 2028. This demonstrates a steady upward trend in the iron ore market, with year-on-year percentage increases of approximately 1.6%, culminating in a compound annual growth rate (CAGR) of around 1.7% over the five-year forecast period.
Future trends to watch for include:
- Global supply chain developments that may impact iron ore prices.
- New mining technologies that could alter production costs and output.
- Demand shifts due to infrastructure projects or sustainability initiatives.
