Seaborne iron ore prices gained strongly on Friday on the back of a rebound in Chinese steel prices. This supported the sentiment of the global steel market last week, but meanwhile scrap prices in Turkey fell by $15/tonne bringing some uncertainty in the European and Middle Eastern markets. The rebound in iron ore was supported mainly by the beginning of restocking activity in China and took the level back above the $75/t cfr Qingdao. Looking ahead, the confidence in the market could continue and the restocking is expected to support iron ore prices in the $70s in the near term. There has been some speculation during the last few weeks that prices could slide as mill buying tops out. Friday’s recovery was a useful reminder however that a confident steel market in China still typically means strong iron ore prices.