The price of 62% Fe grade iron ore fines from Australia to China increased by US$2.35 yesterday (February 6), reaching US$106.25, a new high since December 13. The price rose by US$3.4 in total in January, an increase of 3.38%.

Spot steel prices in China fluctuated, but ferrous metal futures rose across the board. Steel mills resumed work actively, inventories were consumed greatly during the holiday, and low inventories supported demand and brought a sharp rebound in iron ore prices.

Besides, the recovery in molten iron production this week also upheld the market, but market transactions were still sluggish and steel mills were cautious about stock replenishing. Iron ore was expected to fluctuate in the short term.