On September 12, Australia's iron ore (62% Fe, CFR China) price edged up by US$0.25 and closed at US$105.4. Iron ore rebounded on the 12th, climbing US$1.05 last week, a 1% increase, marking its third consecutive week of gains. Since the start of September, prices have risen by US$2.6, or 2.5%, and have accumulated a year-to-date increase of US$4.8, equivalent to 4.77%.

After Tangshan’s production restrictions ended, Chinese steel mills gradually resumed operations, with daily hot metal output reaching around 2.41 million tons last week. Meanwhile, shipments of Brazilian iron ore fell sharply, causing global iron ore shipments to decline, though rising inventories at Chinese ports limited further price gains.

Market observers said steel demand in China lagged expectations since early September. China’s State Council emphasized support for stabilizing employment and foreign trade, helping companies secure orders, shift to domestic sales, expand markets, maintain operations, and continue debt relief measures. Steel prices are expected to rebound next week, while iron ore may see short-term high-level fluctuations.