Australia's iron ore (62% Fe, CFR China) price on February 10 slightly increased by US$0.3 to US$101.7. China’s ferrous futures continued to weaken, while spot steel prices remained stable. The risk from the tropical cyclone in Western Australia gradually decreased, and port operations resumed. Consequently, iron ore prices continued to rise, though the gains were clearly restrained.

With only three working days left before the holiday, market participants said China’s spot steel market showed high prices with no volume trend, with little change expected in the near term. As Australian iron ore shipments return to normal, concerns over supply disruptions eased. Iron ore is expected to follow a volatile consolidation pattern.