The price of 62% Fe grade iron ore fines from Australia delivered to China climbed by US$1.25, reaching US$107.6 per ton yesterday (April 13), a significant increase that reversed a three-week downward trend. This price hit the highest level since April 9. The price hike originated from failed Middle East negotiations and the blockade of the Strait of Hormuz, which drove up oil prices and shipping costs.

In China, black series futures and spot steel prices rebounded, supported by a second round of coke price increases. Although iron ore prices dropped by 2.92% last week, the year-to-date growth is now at 1.03%.

Market participants expect strong fluctuations in the near term due to resilient demand and increased cost support for raw materials.