Iron ore prices rose back above US$97 yesterday (August 6), jumping by US$1.9 to US$97.35 for Australia's 62% Fe grade iron ore fines delivered to China. This two-day recovery totaled a 2.47% increase, pushing the commodity to a one-week high after hitting a 13-month low on August 4.

Market anxiety over short-term supply drove the surge, fueled by typhoon-related transport disruptions and directives instructing Chinese steel mills to suspend negotiations for shipments scheduled from September onward amid ongoing talks with overseas miners.

Furthermore, steady domestic steel prices, strengthening black futures, and improving mill profit margins contributed to the rebound, pointing toward a firm short-term market trend.