Iron ore prices continued to rise last Friday (June 27), returning to the above US$93/ton level. The price reached a two-week high due to the recovery in coking coal and coke prices in China and Chinese steel mills maintaining high blast furnace operating rates and hot metal output. Besides, both futures and spot steel prices in China have increased, supporting iron ore's upward movement.

On June 27, the CFR price of 62% Fe grade iron ore fines from Australia to China rose to US$93.60, slightly up by US$0.9. The price hiked by US$0.6, or 0.64%, last week.

According to market participants, global iron ore shipments are increasing and Chinese port arrivals are expected to rise, short-term iron ore prices appear stable to slightly stronger, while the medium to long-term outlook remains relatively powerless due to weak steel demand during China's off-peak season.