On October 22, Australia's iron ore price increased by US$1.15 and reached US$104.35, which became the new high since October 16. US President Donald Trump’s comments on the potential for a trade agreement with China, coupled with market expectations ahead of the Chinese Communist Party’s upcoming Fourth Plenary Session and reports suggesting the People’s Bank of China may further reduce interest rates and the reserve requirement ratio, boosted both futures and spot steel prices in China, prompting a rebound in iron ore prices.

Meanwhile, Vale reported a 3.8% year-on-year increase in its third-quarter iron ore production and expressed confidence in the continued resilience of future demand, adding momentum to the iron ore rally. However, market observers noted that steel transactions in China were slow, downstream buyers remained cautious, and overall market demand was still weak. Iron ore supply remained strong, but demand subdued.