Australia's iron ore (62% Fe, CFR China) increased by US$1.25 to US$103.8 on April 1. Following a great hike yesterday, iron ore has risen by US$3.2 since the beginning of this year, reflecting a 3.18% increase.

Because China's authority emphasized a stricter inspection of tax-related violations, it boosted overall market sentiment. In response, ferrous metal futures went higher with fluctuations, and spot steel prices saw a modest rebound. Meanwhile, expectations of further increases in molten iron production in April supported the rise in iron ore prices.

Nevertheless, the recovery in steel demand remains sluggish. With the Qingming Festival holiday approaching, market participants are generally cautious. Furthermore, the simultaneous increase in iron ore shipments and port arrivals resulted in a more relaxed supply situation, which is expected to keep iron ore prices in a short-term fluctuation.