Just the beginning of April 2015 saw the IODEX low of the year, at $47.50/dmt, but the April 17 price of $51.50 is up $4 since then. Compared to the same period a year ago, year-to-date average price for the 62 percent Fe benchmark is $60.20/dry mt CFR North China in 2015, then $119.70/dmt in 2014.

Demand was strengthening as mills replenished stocks after keeping them low for quite some time. While there was intent to purchase more, offers were scarce as sellers withheld cargoes in anticipation of an even firmer market next week; there were expectations the Chinese government would either cut interest rates, or lower the cash reserve ratio for banks, which sources thought might push prices higher.

"Sellers are calling the shots now; many refuse to part with their material unless you are willing to give them a price near what they want," a steelmaker in central China told Platts. Still, some iron ore buyers were craving clearer market direction, wary that the steel demand outlook would not sustain stronger iron ore prices.