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Raw Material Prices 2015–2025 | Steel Industry Input Costs

Raw Materials & Energy Prices

Raw Material and Energy Prices
MonthThermal Coal (US$/t)Iron Ore (US$/t)Natural Gas (US$/million Btu)Electricity (c/kWh)
Oct 2025107.5103.510.89–
Sep 2025106.3103.311.12–
Aug 2025112.299.711.159.06
Jul 2025112.997.311.629.31
Jun 2025109.092.312.378.87
May 2025104.497.011.668.26
Apr 202598.697.211.598.16
Mar 2025104.0100.113.248.23
Feb 2025106.9105.115.348.21
Jan 2025118.699.614.668.31
Dec 2024129.8102.213.867.96
Nov 2024142.1100.513.937.85
Oct 2024146.6101.412.928.11
Sep 2024139.292.811.788.45
Aug 2024145.899.912.378.67
Jul 2024137.6106.910.358.73
Jun 2024135.1107.510.878.41
May 2024142.0118.910.127.87
Apr 2024135.0112.89.097.79
Mar 2024131.5109.88.557.68
Feb 2024124.2124.48.157.76
Jan 2024124.9135.89.568.07
Dec 2023141.8137.111.517.66
Nov 2023126.8131.114.497.81

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Show earlier months, 2015–2023
Raw Material and Energy Prices, 2015–2023
MonthThermal Coal (US$/t)Iron Ore (US$/t)Natural Gas (US$/million Btu)Electricity (c/kWh)
Oct 2023142.1119.014.578.01
Sep 2023162.5121.011.558.44
Aug 2023152.6110.211.198.87
Jul 2023140.6114.49.558.32
Jun 2023139.4113.510.358.08
May 2023160.5105.210.117.62
Apr 2023194.3117.413.527.50
Mar 2023187.2128.413.817.79
Feb 2023207.5127.616.548.10
Jan 2023318.0122.220.188.32
Dec 2022379.2111.836.048.50
Nov 2022342.293.335.78.14
Oct 2022389.892.639.08.45
Sep 2022430.899.859.19.06
Aug 2022407.0108.970.049.38
Jul 2022402.2108.651.339.31
Jun 2022374.1130.733.368.85
May 2022371.9131.229.178.25
Apr 2022310.9151.332.207.70
Mar 2022314.0152.142.397.37
Feb 2022219.8142.827.237.28
Jan 2022197.0132.528.267.19
Dec 2021169.7117.038.037.06
Nov 2021157.596.227.627.37
Oct 2021224.5122.931.057.44
Sep 2021185.7124.522.847.61
Aug 2021169.6162.215.437.54
Jul 2021152.0214.112.517.42
Jun 2021130.0214.410.307.22
May 2021107.0207.78.916.65
Apr 202192.2179.87.156.70
Mar 202194.9168.26.136.98
Feb 202186.7163.86.167.75
Jan 202186.8169.67.276.32
Dec 202083.0155.45.866.40
Nov 202064.4124.44.846.48
Oct 202058.4119.84.896.72
Sep 202054.6123.83.957.01
Aug 202050.1121.12.867.09
Jul 202051.6108.51.807.17
Jun 202052.2103.31.756.95
May 202052.593.71.586.48
Apr 202058.684.72.126.41
Mar 202066.789.02.726.40
Feb 202067.687.72.916.42
Jan 202069.795.83.636.33
Dec 201966.292.74.626.37
Nov 201967.085.05.156.73
Oct 201968.988.55.066.85
Sep 201966.093.084.217.09
Aug 201965.693.073.687.44
Jul 201972.08120.23.627.18
Jun 201972.49108.93.596.91
May 201982.32100.24.346.71
Apr 201986.7793.704.926.53
Mar 201993.1286.475.186.73
Feb 201995.4288.226.016.68
Jan 201998.5676.167.266.58
Dec 2018101.3769.157.986.65
Nov 2018100.7373.268.276.88
Oct 2018108.7373.418.796.91
Sep 2018114.1668.449.527.17
Aug 2018117.3467.158.087.22
Jul 2018119.5764.567.67.34
Jun 2018114.3365.047.457.18
May 2018105.2966.17.496.82
Apr 201893.6965.756.936.58
Mar 201896.6670.356.76.66
Feb 2018105.9577.466.726.81
Jan 2018106.4576.346.666.95
Dec 2017100.8172.257.146.54
Nov 201796.6464.246.696.73
Oct 201797.1161.666.186.91
Sep 201797.8271.535.967.17
Aug 201798.5876.075.487.22
Jul 201787.4967.7457.31
Jun 201781.0957.484.897.19
May 201774.4262.435.066.78
Apr 201783.6570.225.016.6
Mar 201780.987.6556.71
Feb 201779.9889.446.056.63
Jan 201783.7380.416.146.59
Dec 201688.1580.025.426.67
Nov 2016103.4373.15.696.66
Oct 201694.259.095.346.73
Sep 201672.7257.794.257.14
Aug 201667.3960.894.057.23
Jul 201661.2457.264.677.23
Jun 201652.8551.984.767.03
May 201651.3155.134.336.57
Apr 201650.6960.923.976.44
Mar 201652.2156.23.916.46
Feb 201650.2746.833.976.42
Jan 201649.0241.884.46.44
Dec 201552.2140.55.096.42
Nov 201552.4746.865.56.59
Oct 201554.2653.126.036.87
Sep 201557.6556.956.287.18
Aug 201559.1456.196.357.32
Jul 201559.952.396.697.3
Jun 201558.9662.636.676.98
May 201561.1960.36.686.65
Apr 201556.2452.286.776.55
Mar 201564.7658.058.276.79
Feb 201569.0562.758.276.88
Jan 201561.4468.239.256.62

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Sources: World Bank (thermal coal, iron ore, natural gas); U.S. Energy Information Administration (electricity). – = no data. Data as of November 2025.


Comment on recent commodity price trends

Prices for thermal coal hit an all time high in September 2022, but are now around one quarter of that level having declined rapidly in H1 2023. World iron ore price peaked in mid-2021 and is now less than 50% of their peak level. Click here for further discussion about the current steel price cycle.

Notes and commodity definitions

Thermal Coal: Note the definition has changed over time, as follows.
- From January 2015, prices are for f.o.b. Newcastle, 6000 kcal/kg.
- For 2002–2014, prices are f.o.b. piers, Newcastle/Port Kembla, 6,300 kcal/kg (11,340 btu/lb).
- In both cases, coal has less than 1% sulphur and ash content below 14%. Data is expressed in US$/t.

Iron Ore: price figures are for Chinese imported iron ore fines (62% Fe spot, CFR Tianjin port). The units are $ per tonne.

Natural Gas and Electricity Costs: Gas is Russian origin, border price in Germany expressed in US$ per million metric British Thermal Units.

Electricity figures are average monthly US costs for industrial consumers. Units are cents per kilowatt hour.

View US Gas Prices →