Magnetite Price per Tonne: Chart and Drivers

There is no single quoted price for magnetite. Magnetite is an iron ore, and its price is set by grade: ore sold as a concentrate with about 67% iron (Fe) sells at a premium to standard iron ore. For April to June 2026, Fortescue reported a realised price of US$118.20 per dry metric tonne (dmt) for its Iron Bridge magnetite concentrate, against US$88.85 for its hematite lump and fines. This page shows how that price is built, what moved it in 2026, and how to estimate the value of your own concentrate.

The latest dated quotes in the company filings below run to 30 June 2026. Live assessments come from Platts, Fastmarkets and the exchange futures. Nothing here is investment advice.

Magnetite price per tonne: what company filings show

Magnetite (Fe3O4) is one of the two main iron ores, alongside hematite (Fe2O3), as Geoscience Australia explains in its national resource review. Magnetite is sold in three forms: a fine concentrate for pellet makers and sinter plants, finished pellets, and a ground product used as a heavy medium in coal washing. Each trades on a different basis, so a single number is never the whole answer.

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Realised and index prices, year to June 2026

US$ per dry metric tonne, CFR index averages and Fortescue realised prices

The cleanest public prices come from producers that report what they actually received. These numbers are all in US dollars and cover different products, so read the basis before you compare them.

• Fortescue Iron Bridge concentrate: US$118.20/dmt in the June 2026 quarter, and US$120.46/dmt for the full year to 30 June 2026. The company says these were 97% and 101% of the average Platts 65% Fe CFR index (Fortescue June 2026 quarterly report).
• Fortescue hematite: US$90.66/dmt for the year, 88% of the average Platts 61% Fe CFR index of US$102.90/dmt (same report).
• Grange Resources pellets, Tasmania: an average realised sales price of US$114.32 per tonne (FOB Port Latta) in the June 2026 quarter, down from US$126.29 in the March quarter. Pellets are a finished product, so this is not a concentrate price (Grange June 2026 quarterly report).
• Rio Tinto Pilbara blend: US$92.6/dmt FOB in the first half of 2026 (Rio Tinto half-year results, 29 July 2026).

Terms used above: dmt is a dry metric tonne (moisture removed), CFR means the seller pays the freight to the buyer’s port, and FOB means the price is for goods loaded on the ship at the seller’s port. A CFR price is higher than an FOB price for the same ore by the cost of the sea freight.

Why magnetite concentrate sells above benchmark iron ore

The standard iron ore benchmarks are quoted for fines at 61% to 65% Fe. Magnetite ore in the ground is usually lean, so it is ground fine and separated with magnets until the iron grade rises. A concentrate at 67% Fe or more has less waste rock per tonne, so a steel mill can make more iron from each shipment, and pellet plants can use it as feed.

Fortescue’s project approval gave a typical product against the 65% index: iron 67.0% against 65.0%, alumina 0.24% against 1.0%, and phosphorus 0.01% against 0.075%. Silica was higher, at 5.6% against 3.5% (Fortescue ASX announcement, 2 April 2019). The company said the product was expected to price at a premium to the Platts 65 index. The first magnetite product, made in April 2023, graded above 68% Fe at first run (Fortescue, 30 April 2023).

The market now has a dedicated index for this tier. Fastmarkets launched a 67.5% Fe pellet feed index on 1 February 2023, quoted CFR Qingdao, with an accepted range of 66% to 70% Fe. Its premium index tracks a fixed premium above the Fastmarkets 65% Fe Brazil-origin fines index (Fastmarkets pricing notice). The index values themselves sit behind a subscription.

The gap between the 61% and 65% reference prices is the first thing to read. In Rio Tinto’s first-half 2026 table, the 61% Fe CFR China index averaged US$105/dmt and the Fastmarkets 65% Fe index averaged US$122/dmt, a gap of about US$17 per tonne.

How a concentrate price is built, step by step

1. Start from the grade. Pick the index that matches your product: 61%, 62%, 65% or 67.5% Fe.
2. Add a premium or a discount. Low alumina and phosphorus earn a premium. High silica or sulphur earn a penalty. Fortescue’s Iron Bridge realised 97% to 101% of the 65% index across the year, so the premium over the 65% benchmark was not guaranteed.
3. Check the basis. CFR or FOB, dry or wet tonnes. A moisture difference of a few per cent changes the cheque.
4. Allow for freight and port costs. Slurry pipelines, dewatering and shipping all come out of the CFR price.
5. Apply the date. Contracts usually settle on an average of index prints over a set month, not on one day.

Iron content in magnetite and hematite

Pure magnetite is 72.4% iron by weight (three iron atoms to four oxygen atoms, from atomic masses), and pure hematite is about 69.9%. Real concentrates always sit lower, because quartz, silicates and other minerals stay in the product. A commercial magnetite concentrate at 67% to 68% Fe is therefore close to the practical ceiling, and the last one or two points of grade are what cost the most to reach.

Ore grade matters before the concentrate does. Geoscience Australia describes a skarn prospect in western Tasmania where the magnetite resource averaged 33% Fe (an inferred resource of 30 million tonnes, reported in 2010). Material at that grade has to be upgraded before it can be sold as seaborne iron ore. The share of the ore that ends up as concentrate is the weight recovery. Grange Resources, for example, reported a lower weight recovery as the reason concentrate output dipped to 587 thousand tonnes from 607 thousand tonnes between quarters (same Grange report).

Magnetite is strongly magnetic, which is why it is separated with magnets and why aeromagnetic surveys can map magnetite-rich rock. Hematite is only weakly magnetic. That difference sits behind both the processing cost and the exploration methods covered below.

Iron ore index chart: how the benchmarks moved in six months

Rio Tinto’s half-year table shows how fast the benchmarks moved in six months. The 61% Fe index fell from US$106 on 1 January to US$99 on 30 June, the Western Australia FOB price fell from US$97 to US$86, and the 65% index fell from US$121 to US$115. The higher-grade index lost less in dollar terms and in per cent (5%, against 7% and 11%) (Rio Tinto half-year results, 29 July 2026).

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Iron ore index prices, first half of 2026

US$ per dry metric tonne, start and end of the half

The 65% index stayed US$15 to US$16 above the 61% index at the two ends of the period.

Costs and risks behind magnetite projects

A premium price does not mean a better margin. Magnetite needs crushing, fine grinding, magnetic separation and often a slurry pipeline or pelletising plant, so capital and energy costs are higher than for direct-shipping hematite.

Fortescue’s own numbers show the risk. The 2019 project approval used an all-in sustaining cost of US$45 to US$55/dmt and a design capacity of 22 million wet tonnes a year (about 20 million dry) (Fortescue ASX announcement, 2019). In the year to 30 June 2026 Iron Bridge shipped 9.0 million tonnes, up 27% on the year before. Fortescue’s FY27 guidance is 11 to 14 million tonnes for Iron Bridge on a 100% basis, and the company booked a non-cash impairment charge of US$525 million after tax on the project in FY26 results (Fortescue FY26 results, 20 August 2026).

Grange Resources shows the cost side at a smaller scale. Its unit cash operating cost rose to A$157.69 per tonne in the June 2026 quarter from A$136.56 in the March quarter, which the company put down mainly to higher fuel and energy prices and lower concentrate output.

Iron ore mine-gate prices in the United States

The U.S. Geological Survey publishes an annual average value of iron ore products as reported by US mines. It covers all US iron ore, including the Lake Superior taconite pellets, not magnetite alone. It fell from US$141.78 per metric ton in 2021 to an estimated US$89 in 2025. The value of US production was an estimated US$3.38 billion in 2025, down 25% from US$4.51 billion in 2024 (USGS Mineral Commodity Summaries 2026, iron ore).

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US iron ore: average value at the mine

US$ per metric ton, all US iron ore products; 2025 is an estimate

The USGS notes that US resources are mainly low-grade taconite-type ores from the Lake Superior district that need beneficiation and agglomeration before use. That is the same upgrading step, applied to a different deposit type.

Magnetite for coal washing and other uses

Not all magnetite goes into steel. Finely ground magnetite is used as a heavy medium in coal preparation plants, and the AusIMM monograph on revenue and marketing notes that this trade is separate from the trade in steelmaking raw materials (AusIMM Minerals Processing Toolbox, Monograph 20). Prices in these niches follow supplier contracts rather than a public index, so use quotes from suppliers and check the particle size and magnetic content.

Estimate concentrate revenue from your own ore

The calculator below turns ore tonnes, weight recovery, a reference index price and your expected realisation into a concentrate tonnage and a net revenue per year. Replace every example with your own figures and with today’s price.

Magnetite and gold: what the link means for exploration

Gold and magnetite can occur in the same system, but a high iron price does not make a gold deposit. In iron-oxide copper-gold (IOCG) systems magnetite is a major mineral, and Geoscience Australia’s 2010 review notes that the Ernest Henry project in Queensland was planned to produce copper with gold and magnetite credits. In placer gold, magnetite shows up as black sand in the pan: the USGS lists magnetite among the minerals found with gold in concentrate samples from Alaskan creeks (USGS Bulletin 1374, Placer Deposits of Alaska).

The practical lesson is to treat magnetite as a clue to look at, not as proof. For field tips, read our guides on finding gold in magnetite and on magnets, magnetite and gold ore. Magnetic surveys show where magnetite-rich rock lies. Sampling and assays show whether it carries gold or copper.

▶ How satellites help find gold: rusty iron stains, clay and faults explained · 4:25

Hematite or magnetite: which earns more per tonne

On the figures above, a tonne of Fortescue’s magnetite concentrate realised about US$30 more than a tonne of its hematite in the year to June 2026 (US$120.46 against US$90.66). That does not make magnetite more profitable. Hematite is shipped as lump and fines with little processing, while magnetite carries the cost of grinding, separation and handling. The right comparison is margin per tonne, after cost.

Hematite and magnetite can occur in the same district. A drilling programme that records both minerals gives a better picture of the product mix than one that records total iron only.

What to check before you rely on a magnetite price

• Is the quote for ore, concentrate or pellets, and at what iron grade?
• Is it CFR or FOB, dry or wet tonnes, and in which currency?
• What are the silica, alumina, phosphorus and sulphur levels? Penalties apply.
• What is the date, and is it a spot price or a monthly average?
• Is the source a producer filing, an exchange or a reporting agency, or a trader’s web listing with no basis stated?

If you hold a licence and want to understand the geology of your ground before you drill, our satellite mineral detection service screens a boundary for alteration zones and geological patterns from space. Results are exploration targets, not a resource estimate. Send your coordinates through the mining query form to ask for a quote.

▶ A quick look at Farmonaut Mining Pro, which turns a licence boundary into a geological and economic picture · 4:56

For a closer look at a related question, see our guide: Tantalite Price per Tonne: Chart and Drivers.

If this topic matters to you, read Antimony Price per Tonne: Chart and Drivers next.

Frequently asked questions

What is the price of magnetite per tonne?

It depends on grade and product. Fortescue’s Iron Bridge magnetite concentrate realised US$118.20/dmt in the June 2026 quarter, and its hematite realised US$88.85/dmt.

Why is magnetite worth more than hematite?

Concentrate grades near 67% Fe with low alumina and phosphorus earn a premium over the 61% to 62% fines used as the main benchmark. The premium pays for the extra processing.

How much iron is in magnetite?

Pure magnetite is 72.4% iron by weight, from its formula Fe3O4. Commercial concentrates are about 67% to 68% Fe because some waste minerals remain.

What is the difference between magnetite and hematite?

Both are iron ores. Magnetite (Fe3O4) is strongly magnetic and is concentrated with magnets. Hematite (Fe2O3) is weakly magnetic and is often shipped with little processing.

Is there gold in magnetite?

Not by itself. Gold sometimes occurs in rock systems that also contain magnetite, such as iron-oxide copper-gold deposits, and placer gold is often panned with magnetite black sand. Assays are the only proof.

What does 65% Fe iron ore cost compared with 62%?

In Rio Tinto’s first-half 2026 table, the 65% Fe index averaged US$122/dmt against US$105/dmt for the 61% index, a gap of roughly US$17 per tonne for that period.

Where can I find the current magnetite price?

Use the latest quarterly reports of producers such as Fortescue and Grange, or index providers such as Platts and Fastmarkets. Many index values need a paid subscription.

What is magnetite concentrate used for?

Mostly to make pellets and sinter feed for blast furnaces and direct reduction. Finely ground magnetite is also used as a heavy medium in coal washing.

What is weight recovery?

It is the share of the mined ore that ends up as concentrate. The figure comes from test work on your own ore, and it falls as the head grade falls.

Does Farmonaut sell magnetite or give price quotes?

No. Farmonaut offers satellite screening of a licence area for exploration targets. It does not trade minerals or quote metal prices.