After rising for three consecutive trading days, iron ore prices reversed and declined the day before yesterday, but rebounded the following day. On August 7, Australia's iron ore (62% Fe, CFR China) increased by US$0.15 to US$100.75, remaining above the US$100 mark for four consecutive days. After rebounding yesterday, iron ore has risen by US$2.5 this month, an increase of 2.54%. Year-to-date, it has gained a total of US$0.15, representing a 0.149% increase.

In July, China’s steel exports reached about 9.84 million tons, reflecting a 1.6% increase compared to the previous month. Iron ore imports, while slightly down by 1.3% month on month at 104.6 million tons, marked the third month this year with volumes exceeding 100 million tons, maintaining a high level that helped support a rebound in iron ore prices.

According to market participants, Chinese steel prices experienced significant volatility and are currently in a consolidation phase. Although demand remains weak due to persistent hot and rainy weather, rising costs are expected to drive continued short-term price adjustments. As a result, iron ore prices are anticipated to exhibit a volatile trend in the near term.