Australia's iron ore (62% Fe, CFR China) on May 9 increased by US$0.35 to US$98.05. After rebounding on May 9, iron ore prices rose by a total of US$1.3 last week, marking a 1.33% increase. Since the beginning of this month, prices have edged up by US$0.2, increasing by 0.204%.

Although the steel market in China weakened after the labor holiday, the country’s steel exports in April still reached about 10.46 million tons, an increase of 6,000 tons compared to the previous month. At the same time, iron ore imports reached about 103.14 million tons in April, up by 9.16 million tons from the previous month. These figures contributed to the recent rebound in iron ore prices.

However, market participants noted that as the off-season begins, China's steel demand may peak in May. It will be difficult for molten iron production to increase, and with the second quarter typically being a peak period for shipments, port inventories are expected to build up. In addition, crude steel production cuts may further impact iron ore prices in the future.