On May 6, Australia's iron ore (62% Fe, CFR China) increased by US$0.95 to US$98.95, which has reached a new high since April 29. Following the Labor Day holiday, the recovery in steel mill profits led to the restart of blast furnaces, resulting in a slight increase in average daily molten iron output this week, reaching 2.45 million tons, a record high for the same period.

Meanwhile, a slight decline in global shipments and a drop in port inventories in China helped drive up iron ore prices. However, steel mills remained cautious about restocking. With iron ore arrivals expected to rise and growing expectations of a cut in crude steel production, market participants believe iron ore prices will continue to face short-term pressure.