Iron ore prices continue their upward trend in April

The average price of KORE 62% Fe iron ore (Qingdao, CFR) in April (April 1–17), 2026, rose by 2.3% compared to March prices, reaching $108.78/t. As of April 17, the price stood at $108.04/t, up 1.3% from March 13.

At the beginning of the month, the market gained upward momentum. Prices were supported by the resumption of steel production in China following a seasonal slowdown and expectations of increased pig iron output. An additional factor was high energy prices amid the conflict between the U.S. and Iran, which raised the cost of steel production and bolstered commodity markets. The resumption of trading after the holidays in China also contributed to a short-term rise in prices.

However, by the middle of the first ten days of the month, the growth began to lose momentum. Despite increased blast furnace utilization, weak demand for steel in China’s domestic market limited the potential for further price increases. This forced steelmakers to optimize their charge, increasing interest in cheaper low-grade ore and widening price spreads between different grades of raw materials.

Additional pressure came from the supply side. The resumption of shipments from Australia following weather disruptions, as well as high inventories in Chinese ports, held back growth. Expectations of improved relations between Chinese consumers and major suppliers, particularly BHP, also played a significant role. The prospect of unblocking some shipments and increased raw material availability created negative sentiment in the market.

The geopolitical factor, which had supported prices at the beginning of the month due to higher oil prices, gradually lost its influence. Following news of a truce between the U.S. and Iran, oil prices corrected, and sentiment in commodity markets cooled accordingly. At the same time, market participants reacted less and less to these events, focusing instead on fundamental supply and demand indicators.

In the second half of April, the market entered a phase of heightened volatility. On the one hand, seasonal growth in steel production in China is supporting demand for ore. On the other hand, increased imports (up 7.6% month-over-month in March) and the resumption of seaborne shipments are putting pressure on prices.

In the short term, volatile dynamics with a moderate upward trend are expected to persist. The market will be supported by a seasonal uptick in demand and high production costs; however, growth potential will be limited by excess supply and weak steel consumption dynamics.