China's positive trade data in May helped iron ore prices recover slightly yesterday (June 9), ending a downward trend that had pushed the commodity to its lowest level in three months.

The price of Australia's 62% Fe grade iron ore fines bound for China slightly rose by US$0.2 to US$102.35 per ton, staying above the US$102 level.

The recovery happened despite falling domestic steel prices and a 5.9% monthly drop in China's May iron ore imports, which totaled 97.71 million tons.

Instead, a 16.9% annual surge in China's total imports and exports in May, paired with an 8.9% monthly increase in steel exports to 10.34 million tons, provided market support. Market participants expect short-term price fluctuations due to seasonal demand changes.