Iron ore prices rebounded yesterday (July 8), climbing back above US$95/ton. The CFR price of 62% Fe grade iron ore fines from Australia to China rose by US$0.5 to US$95.2, supported by positive macroeconomic news, including a delay in reciprocal tariffs until August 1st and hints of reopened negotiations.

Besides, global iron ore shipments have decreased, and iron ore arrivals at Chinese ports are down. These factors, coupled with recent strength in coking coal, pushed iron ore prices higher.

Although Chinese domestic prices remained soft yesterday, the continued high iron ore production showed that demand for iron ore continues, despite the current slow season for steel. Market participants expected that iron ore would experience high-level volatility in the short term.