After US President Trump announced to lower US tariffs on Chinese goods, the iron ore prices rose to the US$100/ton level yesterday (April 23), hitting the highest over the past two weeks. 

The US-China trade war is expected to cool down. As a result, the macro-environment might be improved, thereby supporting steel prices in China. In addition, Chinese steel mills have the need to replenish inventories before the May 1 holiday, which also upheld iron ore prices. 

However, market analysts said that China's demand for steel is not sustainable enough, and the market inventory pressure is relatively high, so iron ore prices remain unstable, and it will need a longer time to observe.