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Between March-end and June 2011, iron ore prices were almost flat, increasing by only about 1 percent during the period, as shown in Figure 1. However, the year-on-year (y-o-y) growth (June 2010–June 2011) was 19 percent. Support for the prices came in the form of China’s urbanization drive, weather disruptions in Australia and Brazil, increased restrictions on Indian exports (especially in the states of Karnataka and Orissa), slow project ramp-ups, port delays and the political uncertainties in the Middle East. Overall, the prices started trading at US$173.9 per ton on April 1, peaked to US$183.3 per ton on both April 14 and May 4, and ended at a low of US$166.8 per ton on June 30.
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