Seaborne iron ore prices rallied by and large early this week. SteelHome 62% Fe SHCNIOI Iron Ore Price Index rose by 9.29 dollars per tonne to 107.77 dollars per tonne on Tuesday as compared with the one on last Sunday.

The spot price of 61.5%-Fe PB fines at Qingdao port increased by 55 yuan/t to 825 yuan/t. For steelmakers, they were active in iron ore procurements amid low stockpiles. Traders with low stockpiles, however, were inactive in iron ore sales under substantial losses facing.

We consider that the 62%-Fe imported iron ore price to keep broadly stable in the rest of the week.