On October 22nd, the price of iron ore in Australia rose by 1.15 US dollars to 104.35 US dollars, hitting a new high since October 16th. US President Donald Trump's comments on the possibility of reaching a trade agreement with China, along with market expectations ahead of the upcoming Fourth Plenary Session of the Communist Party of China and reports that the People's Bank of China may further lower interest rates and the reserve requirement ratio, have boosted China's steel futures and spot prices, prompting a rebound in iron ore prices.

Meanwhile, Vale announced that its iron ore output in the third quarter increased by 3.8% year-on-year and expressed confidence in the sustained elasticity of future demand, which added impetus to the rise in iron ore prices. However, market observers point out that China's steel trading is slow, downstream buyers remain cautious, and overall market demand remains weak. Iron ore supply remains strong, but demand is sluggish