Iron ore prices climbed back above US$100 per ton yesterday (July 8), driven by news of an impending strike at BHP’s Port Hedland iron ore terminal in Australia. The price of Australia's 62% Fe grade iron ore fines bound for China rose by US$1 to settle at US$100.7 per ton. This recovery broke an eight-week downward trend, lifting the commodity from a four-and-a-half-month low of US$99.25 recorded on July 3.

Port workers plan an eight-hour stoppage on July 16, stoking supply concerns. Rising Chinese steel prices, surging oil costs, and higher freight expectations added upward pressure.

Nevertheless, market participants said that loose global supply, coupled with lower buying willingness from Chinese steel mills facing margin squeeze, could cap the rally, keeping future movements volatile.