Australia's iron ore (62% Fe, CFR China) price on April 28 was US$108.7. Shipments of products such as Jimblebar began to be lifted from ports following China’s agreement with BHP, with more than 10 million tons of mid-grade resources expected to enter the market, adding pressure to spot supply.

Market participants said that sentiment in the steel market weakened ahead of the May 1 holiday, with trading activity remaining sluggish. Steel prices are expected to show a stable trend. Meanwhile, steel mills largely completed pre-holiday iron ore restocking. In the short term, fundamentals indicate strong supply and weak demand, with iron ore prices likely to be challenged.