Iron ore prices rebounded to above US$109 yesterday (April 29), reaching a one-week high. The price of Australia’s 62% Fe grade iron ore fines delivered to China rose by US$0.8, reaching US$109.5 per ton. This price increase came after the Chinese Politburo announced plans to stabilize the real estate sector and manage local debt risks. This news improved market sentiment, causing steel futures and spot prices to rise together.

Despite yesterday's growth, the market has seen a US$0.7 drop this month, though prices are up US$3 since the start of the year.

Some market participants believe further growth is limited as the industry enters a slow season in May. With weak demand and capped production levels, iron ore prices will likely fluctuate in the short term.