The price of 62% Fe grade iron ore fines from Australia delivered to China edged up to US$110.5 yesterday (April 1), supported by steel mills replenishing inventories before the Qingming Festival holiday.

Despite a slump in energy markets, where crude oil prices retreated following Donald Trump’s comments on a swift end to Middle East conflicts, iron ore remained resilient due to firm production costs and China’s central bank pledges to implement counter-cyclical adjustments.

The market recently turned positive on the monthly chart, rising by 8.35% in March to end a two-month decline. While prices recovered from a February low of US$97.85, high port arrivals and cautious market sentiment continue. Market participants expect iron ore to fluctuate in the near term as traders balance steady demand against high inventory levels at Chinese ports.