The‎‎ ‎‎average price of iron ore 62% purity in China’s import market has risen to $118.2 per dry tonne of CFR, after a sharp drop this week with a bit increase in purchases. In fact, the recent drop in iron ore prices has created more stimulus to buy due to sufficient iron ore inventory of the factories. ‎

‎ China’s ‎‎iron ore demand is likely to be supported in the short term by increased construction projects activities after the Chinese New Year holiday and increased steel consumption as the weather warms in the spring. The market needs a little time to re-activate. For early March, the Chinese market is waiting for government support, so the market has become more positive. ‎