On January 9, Australia's iron ore 62% Fe, CFR China, slightly went up by US$0.5 to US$97.1. With the Lunar New Year holiday approaching, steel mills' molten iron production has further declined. However, China's central bank plans to issue 60 billion yuan worth of bills in Hong Kong, which sparked a rebound in the yuan and further triggered a slight increase in iron ore prices.

Despite this, market observers highlighted that Chinese steel mills remain hesitant to replenish inventories, resulting in further drops in raw material demand. At the same time, port inventories have begun to climb, reflecting a loose supply-demand dynamic for iron ore. In the near term, iron ore prices are expected to fluctuate within a narrow range.