Iron ore prices inched upward to maintain levels above US$97, with Australia's 62% Fe grade iron ore fines delivered to China settling at US$97.2 per ton after a US$0.1 increase.

In spite of declining domestic futures and spot steel prices in China, higher blast furnace operating rates reaching 82.32%, increased hot metal production exceeding 2.38 million tons daily, and high maritime shipping expenses prevented steep price declines.

Month-to-date growth was 0.57%, though year-to-date losses reached 8.7%, touching a one-year low of US$95 on August 4.

Reduced port arrivals caused by typhoons supported prices, yet high port inventories, weak demand, and a record-low steelmaker profit margin of 32.02% keep iron ore under pressure, indicating short-term narrow fluctuations.