Iron ore prices rebounded last Friday (June 6). The price of 62% Fe grade iron ore fines from Australia to China rose to US$95.8, following a period of decline, with prices hitting an eight-month low of US$94.85 on June 3.

While global shipments increased, a more positive macroeconomic outlook, strong Chinese steel prices, and declining iron ore inventories at Chinese ports and steel mills drove the latest growth.

Despite Friday's gain, iron ore still recorded its third consecutive weekly loss, down by 0.98% for the week and 4.77% year-to-date. Market participants foresaw continued short-term volatility due to increased global shipments and falling Chinese hot metal output.