Australia's iron ore (62% Fe, CFR China) price on February 24 hiked by US$1.3 to US$99.15. On the first day back to work in China following the Lunar New Year holiday, black commodity futures and spot steel prices showed a slight drop.

However, optimism over post-holiday demand, along with previously lower prices, drew buying interest and pushed iron ore sharply higher. Market participants anticipate that iron ore will experience short-term strength and volatility, with future movements depending on changes in demand.