To find the most current price of iron per pound, visit a website that maintains commodity price charts, such as InfoMine or Quandl. The websites display prices of iron per metric ton, so use a pound-to-metric tons converter to figure out the price per pound.
For example, Quandl lists the price of iron ore for September 2015 at $55.80 per metric ton. A metric ton is equivalent to 2,204.6 pounds. Doing the proper calculations, which in this case would be 55.80 divided by 2204.6, yields a result of 2.53 cents per pound. These sites also offer price charts for different periods so that a buyer can keep track of fluctuations.