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| Importer | Pellets (HS 260112) | Fines and lump (HS 260111) |
|---|---|---|
| China | $117 | $97 |
| Japan | $150 | $98 |
| South Korea | $146 | $100 |
| Germany | $125 | $97 |
| Egypt | $133 | $101 |
| United States | $150 | $143 |
Source: UN Comtrade, importer-reported value divided by quantity. Quantities are marked as estimated by Comtrade for most of these lines. HS 260111 is non-agglomerated iron ore (fines, lump); HS 260112 is agglomerated iron ore (mostly pellets).
What the two codes cover
Customs code HS 260111 covers non-agglomerated iron ore, which includes fines and lump, and HS 260112 covers agglomerated iron ore, which is mostly pellets. Splitting the two removes the biggest source of mix in an average iron ore price.
Fines importers pay about the benchmark
China's declared price for fines and lump was between 95% and 101% of the World Bank's iron ore fines price in every year from 2017 to 2025. In 2025 China, Japan, South Korea and Germany all declared between $97 and $100 per tonne for non-agglomerated ore, against a benchmark of $100.2.
Pellets are declared higher
Pellets were declared at $117 per tonne by China, $150 by Japan, $146 by South Korea, $125 by Germany and $133 by Egypt in 2025. The customs data cannot separate the grade of the pellets, their origin and the freight, so the gap cannot be turned into a published pellet premium.
The same origin, different prices
In 2025 Brazilian iron ore was declared at $97 per tonne by China, $112 by Japan and $124 by South Korea, all from the one code covering all iron ore. The customs data does not show whether this is grade, product mix, freight or timing.
Related
Frequently asked questions
Why are pellets more expensive than fines?
Pellets are a processed, higher-grade product that blast furnaces and direct-reduction plants can use with less preparation. The customs data shows the gap, not the reason.
Is the customs price the pellet premium?
No. It is the average declared value per tonne across all shipments, with many quantities estimated. Published pellet premiums are assessed by price reporters.
What is HS 260112?
The customs code for agglomerated iron ore, which is mostly pellets. HS 260111 covers non-agglomerated iron ore, such as fines and lump.
Sources
- World Bank Commodity Price Data (the Pink Sheet)
- UN Comtrade database
- USGS Mineral Commodity Summaries 2026: Iron Ore
Specifications published by index providers are revised over time. Where a figure comes from a pricing notice, confirm the version currently in force with the publisher before you use it in a contract. Corrections are welcome.