On October 29, Australia's iron ore price hiked by US$1.05 and reached US$107.3. After increasing, the prices climbed above the US$107 mark, reaching their highest level since October 14.

The upcoming meeting between Chinese and U.S. leaders on October 30 raised expectations of easing trade tensions, improving market sentiment, and driving up both spot and futures prices in China. Coking coal futures recorded particularly strong gains, while expectations of a near-term U.S. Federal Reserve rate cut further boosted iron ore prices.

Vale expressed a very optimistic outlook for future iron ore demand, and Goldman Sachs raised its price forecast for next year, adding momentum to the rally. Analysts said that as macroeconomic conditions improve, China’s steel prices are expected to remain steady in the short term, with iron ore likely to continue a strong and volatile upward trend.