Australia's iron ore (62% Fe, CFR China) rose slightly by US$0.1 to US$103.7 on January 23. Despite Trump once again mentioning the possibility of imposing tariffs on China, the Chinese State Council held a press conference to emphasize efforts to promote mid- to long-term market investments, aiming for high-quality development in the capital market. This initiative bolstered market confidence, prompting a recovery in steel prices from a weak position to stability and contributing to a modest but steady increase in iron ore prices.

As the Lunar New Year approaches, most markets have already shut down, and activity in the spot steel market remains minimal. Many merchants are on holiday, and the majority of steel mills have completed their iron ore restocking, with only a few still engaged in the process. The market anticipates that iron ore prices will maintain stability.