On October 13, Australia's iron ore price hiked again by US$1.2 and reached US$107.8, which was a new high in seven and a half months since February 25. After yesterday’s sharp rise, iron ore has increased by US$4.5 so far in October, a gain of 4.25%, and has accumulated an increase of US$7.25 or 7.2% year-to-date.

China’s black commodity futures declined, and spot prices of the five major steel products also fell, but iron ore imports in September hit the highest monthly volume this year. The increase signaled strong market demand and fueled a sharp rise in iron ore prices. China’s overall import and export performance in September was also strong, providing further support to iron ore.

However, market participants noted that macroeconomic headwinds are beginning to weigh on the market, as the US plans to impose a 100% tariff on Chinese goods. Chinese steel mills have turned cautious in procurement, and if steel prices continue to decline, the iron ore market could face pressure.