The price of 62% Fe grade iron ore fines from Australia to China slightly increased by US$0.2 on October 29, reaching US$103.35. The price has risen for four trading days in a row and hit a new high since October 18.

The iron ore price has bounced by a total of US$5.05 over the past four consecutive days, an increase of 5.1%.

In spite of the increased rebar stock, which caused a price drop in ferrous metal futures and weakening spot prices of steel products, there was no expected reduction in hot metal production in China, the imported ore inventory of steel mills slightly decreased, so iron ore rose slightly.

Market participants said the macroeconomic policies would provide support to iron ore, whose price was expected to fluctuate slightly in the near future.