Iron ore prices slightly rose yesterday (April 15), with Australia’s 62% Fe grade iron ore fines delivered to China hiking to US$106.75. This recovery was due to China’s manufacturing sector expanding for a third consecutive month, coupled with a second round of price hikes for coke. These factors triggered increases across ferrous futures and boosted spot steel prices.

Despite reports regarding China’s removal of procurement restrictions on BHP, market demand remains resilient. China’s iron ore imports reached about 314.8 million tons in the first quarter, a year-on-year rise of 10.5%.

Meanwhile, shipments from Australia and Brazil grew, but declining port inventories and a weekly rise in major steel product output provided further price support. Market participants expect iron ore will maintain a stable, narrow trading range in the near term.