Historical Futures Prices: Iron Ore Futures, January 2017 (FEFF2017), January 2017. Iron ore is widely used in the world and it is one of the major bulk commodities transported by dry-bulk vessels from Australia, Brazil and India to China and Europe. Global demand for iron ore is expected to increase because of China's growing demand, which has virtually accounted for all the growth in the seaborne iron ore market. Contract Size: 1 lot = 100 metric tonnes. Minimum Price Fluctuation: US$0.01 per metric tonne.