Australia's iron ore (62% Fe, CFR China) price on February 23 rebounded by US$0.45 to US$97.85. With the Lunar New Year holiday in China drawing to a close, full market trading is scheduled to resume. The market anticipates a gradual recovery in demand. At the same time, reduced port arrivals alleviated supply pressure, while increased port handling rates lent support to iron ore prices, enabling them to rebound after earlier declines.

Meanwhile, iron ore major Vale S.A. expects China’s crude steel production this year to be in line with last year’s level. The company’s outlook reflects confidence in market demand and provides additional support to iron ore prices. Despite these factors, port inventories across China remain elevated. Market participants indicated that shifts in post-holiday demand will determine the short-term direction of iron ore prices.