Australia's iron ore (62% Fe, CFR China) price on April 22 went up by US$0.15 to US$109.65. Iron ore prices remained above the US$109 mark for three consecutive days, reaching a two-week high since April 7.

China’s ferrous futures continued to strengthen, and spot steel prices extended gains, though at a slower pace than the previous day. Demand for hot metal remained firm, while steel mills kept relatively low iron ore inventories. Ahead of the Labor Day holiday, restocking demand further supported the upward trend in iron ore prices.

Market sources also indicated that China has reached an agreement with BHP Group on iron ore sales contract negotiations. The development is expected to ease supply uncertainty, improve market sentiment, and provide additional support to iron ore prices. However, in the longer term, it may weigh on the overall price outlook for iron ore.