Australia's iron ore 62% Fe, CFR China grew on July 3, increasing by US$3.2 to US$113.35 and hitting a record high since June 1. As heavy rainfall in southern China eased, the demand for steel improved. Besides, Tangshan released a peak carbon dioxide emissions plan, and the decline in housing market sales has slowed. Additionally, China will hold the Third Plenary Session of the Central Committee of the Chinese Communist Party in mid-July, with the market expecting more stimulus measures. These factors have caused black futures commodities to continue to fluctuate higher, and spot steel prices have risen simultaneously.

Moreover, the peak period for miners' shipments has passed, easing the pressure on iron ore supply and improving fundamentals, driving iron ore prices higher. However, this rise in iron ore prices is more of a recovery from previous declines, as steel demand in China has not significantly improved. Rising iron ore prices have eroded steel profits, leading some blast furnaces to cut production.