Iron ore prices for cargoes with 62% iron content surged above $101 per ton in mid-January, reaching a two-week high amid market optimism about potential stimulus measures from Beijing. China’s Ministry of Commerce announced plans to boost consumption and stabilize foreign trade and investment this year, further supporting sentiment. Additionally, data revealed that China’s annual imports of the steel-making ingredient hit a record high of 1.24 billion tons last year. Annual steel shipments from the country also reached their highest level since 2015, totaling 110.7 million tons. Meanwhile, US President Donald Trump refrained from imposing new tariffs on his first day in office. However, he issued a memo directing agencies to investigate and remedy persistent trade deficits, and threatened Mexico, Canada, China and the EU with tariffs due to various concerns.
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