Iron Ore & Coal "Iron ore: A different perspective on pricing" Allsop

Research evidence excerpt

Iron Ore & Coal "Iron ore: A different perspective on pricing" Allsop

Powered by Lab Global18 MayResearch2026ab Evidence UBS YES

Iron Ore & Coal Equities

GlobalIron ore: A different perspective on pricing

Basic Materials

Myles Allsop

Figure 1: Weekly iron ore shipments from AU+BR+SA, Mt

Analyst

myles.allsop@ubs.com

ro shi

+44-20-7568 1693

Lachlan Shaw

f ore Analyst

lachlan.shaw@ubs.com

+61-3-9242 6387

ts iron

Sharon Ding

en kly sharon.ding@ubs.com

+852-2971 6284

Daniel Major

pm Wee

AU+B daniel.major@ubs.com

m R+SA, Mt +44-20-7568 3472

Caio Greiner

Source: UBS Evidence Lab (> Access Dataset). Includes content supplied by Markit Group Limited; Copyright © caio.greiner@ubs.com

Markit Group Limited, 2026. All rights reserved. +55-11-2767 6294

Amy Yi Li

Freight rates driving up index price; FOB price (at origin port) depressed Analyst

The benchmark iron ore price has lifted from ~$100/t at the end of-Feb to ~$110/t amy-yi.li@ubs.com

currently on a CFR or delivered-China basis. We note however freight rates from AU/ SA/ +44-20-7568 2064

BR to China have increased materially since the end of Feb and the FOB price at origin Steve Friedman

port in Australia up only $5/t while FOB-South Africa is flat and FOB-Brazil is down $2.5/t Analyst

(Fig3); this is before taking into account the higher diesel and other consumable costs steve.friedman@ubs.com

(UBSe $2-3/t). +27-11-322 7252

George Eadie

Iron ore: prices up with freight rates; China steel exports lift m/m in April Analyst

george.eadie@ubs.comIron ore prices are holding at ~$108/t supported by higher freight rates with AU-China

+1-646-996 4596

rates +$5/t since end-Feb and Br-Ch routes up ~$11/t (Fig33); iron ore shipments have

been strong so far in 2026 and demand broadly stable, resulting in inventories building.