On July 14, Australia's iron ore (62% Fe, CFR China) went up by US$0.3 to US$98.8. Iron ore prices climbed by USD 3.3 last week, representing a 3.46% increase and marking the third straight week of gains. The upward momentum continued yesterday, bringing the total increase over the past five trading sessions since last Tuesday to US$4.1. Since the start of July, iron ore has risen by a cumulative US$5.25, with the overall monthly gain expanding to 5.6%.

China's customs data showed that exports totaled about CNY13 trillion in the first half of the year, reflecting a 7.2% year-on-year growth. In June, iron ore imports surpassed 100 million tons, reaching 105.95 million tons, an 8% increase from May. Additionally, domestic steel prices have strengthened for two straight weeks since July 2, lending further support to the iron ore market.

Despite this momentum, China’s daily average hot metal output fell to 2.39 million tons last week, marking the lowest level since April 3 and dipping below the 2.4 million-ton threshold. Market concerns are also growing over reports of a potential 6-million-ton crude steel production cut in Shanxi, which could weigh on demand. Given the recent price surge, steel mills have adopted a more cautious procurement strategy, and short-term market fluctuations are expected.