It's likely that keeping iron ore above $100 a tonne will require some actual evidence that the bullish narrative is starting to kick in, writes Clyde Russell.

Nearly 20 steel mills in China's southwest regions had suspended operations as of Wednesday.

China’s infrastructure and automotive sectors are “already responding to policy support,” although a rebound in housing activity is expected to take longer, the producer said.

The world's largest miner by market value said coal and copper prices have risen in the recent months due to tight supply and geopolitical tensions.

Brazil's comptroller general decided the miner failed to present reliable information on the conditions of the tailings dam prior to the 2019 disaster.

"The iron ore market remains on shaky ground," ANZ commodity strategists said.

The Inflation Reduction Act, as the bill is called, will offer opportunities for union workers, United Steelworkers union said.

Hopes that steel output curbs in China to meet decarbonization goals will be less strenuous in the second half of the year also supported iron ore prices.