Iron ore was up 1.6% w/w to $175.55/dmt, and was up another 1.1% on Wednesday to $177.45/
dmt. Iron ore continues to strengthen on the back of tight supply and improving steel sentiment in
China. Platts reports that Chinese port inventories are falling and there are less spot cargoes available
due to strong demand for iron ore. As well, despite rising inventories, steel prices continue to improve,
helping steel margins recover (see steel commentary below for more details). On the supply side, CRU
reports that shipments from Australia and Brazil remain strong with no notable disruptions.