Why is iron ore expensive
Industrial Metal Price Index Metal prices are falling - iron ore price continues to rise
Since the beginning of the year, iron ore has become more than 40% more expensive. Compared to the end of 2015, the steel raw material is now more than two and a half times as expensive. The current market price was last exceeded more than five years ago in April 2014. Since the other metals have developed less dynamically, the overall price level has only increased slowly. The industrial metal price index (IMP index), which is determined monthly by the Institut der deutschen Wirtschaft, showed only a slight upward trend in June. The index shows the price level of the most important imported metals. Since it is based on the euro values, it depicts the perspective of German metalworking industrial companies. The IMP index is currently trading at 354.1 points, 3.1 points or 0.9% above the previous month's value.
In June, the development of the exchange rate between the euro and the dollar helped to slow down the rise in the price of metals for companies that carry out their economic calculations in euros. Without the appreciation of the euro, metal prices would have risen twice as much. Instead of a plus of 0.9%, the additional expenditure would have been 1.9% and the IMP index would have reached 357.5 points.
More for lead and silver
In addition to iron ore, gold in particular has become more expensive, which is often bought for security reasons in troubled times. Calculated in euros, the price of gold rose by almost 5% in June, while iron ore inflation was significantly higher at over 7.5%. There were also price increases for lead (over 3.5%) and silver (1.5%). The two index heavyweights copper and aluminum are responsible for relief with discounts of a good 3 and almost 2.5%%, respectively. Zinc shows the sharpest price decline (by more than 6%), but tin (a good 2.5%) as well as nickel and silver (each slightly more than 1.5%) also became cheaper.
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