Australia's iron ore (62% Fe, CFR China) increased greatly by US$2.25 to US$97.9 on April 10, which rebounded from the six-and-a-half-month low set the previous day. The 90-day delay in US tariff implementation lifted market sentiment, fueling a rally in China's black commodity futures and pushing spot steel prices higher. Meanwhile, China's crude steel output rose in March, while social steel inventories continued to decline this week, helping iron ore prices rebound after recent declines.

Nevertheless, market participants cautioned that the US and China trade conflict remains unresolved, keeping market risks and uncertainties elevated. In addition, China's steel demand recovery was sluggish. As a result, the near-term outlook for iron ore remains subdued.