Australia's iron ore (62% Fe, CFR China) went up by US$0.6 to US$103.95 on March 14. It reached a new high for this month and the past two weeks. Iron ore gained by US$2.5 last week, marking a 2.46% increase. So far this month, prices have risen by US$0.5, or 0.49%. The price has increased by US$2.75, reflecting a 2.7% increase, since the beginning of this year.

China's National Development and Reform Commission (NDRC) indicated that crude steel production control and industry restructuring are the main priorities this year. As a result, both futures and spot steel prices have risen for two consecutive days. Meanwhile, daily molten iron output has rebounded to 2.3 million tons, with expectations of further production recovery, which drove iron ore continued to increase.

Furthermore, the easing of local government debt concerns and a recovery in construction activity added support to iron ore's upward momentum. While steel demand in China remained weak and steel mills showed limited interest in restocking, market participants noted improving sentiment in the iron ore market. In the short term, prices are expected to fluctuate but remain relatively stable.