The price of 62% Fe grade iron ore fines from Australia to China continued to rise yesterday (April 15), reaching US$99.6/ton, hitting a new high since April 7. The price hike was mainly due to China's increased crude steel production in early April, a slight decline in global iron ore shipments, and reduced inventories at Chinese ports and steel mills.

Iron ore prices have risen for four trading days in a row despite limited demand and weaker spot steel prices in China.

Market participants believed that iron ore prices may fluctuate in the short term owing to declining steel mill profits, restricted molten iron output increment, as well as the current tariff war uncertainties.