Iron ore prices went down late Friday (April 24) but remained above US$109, securing a second consecutive weekly growth. The price of Australia’s 62% Fe grade iron ore fines delivered to China settled at US$109.05, representing a weekly rise of US$0.95 or 0.88%. The year-to-date values grew by 2.39%, while the commodity dropped by 1.04% so far this month.

Downward pressure was due to lower first-quarter crude steel output in China, rising mill inventories, and increased Simandou iron ore production. However, high hot metal output provides price support.

Market participants foresee continued high-level fluctuations, balancing loose supply conditions against improved apparent demand, strong first-quarter economic growth, and recovering real estate transactions. Steel prices keep stable, and the iron ore outlook remains steady despite recent short-term price adjustments.