According to CoinMeta, due to the interference of the El Niño phenomenon in Brazil, the price of iron ore futures rose on Wednesday. The benchmark October iron ore futures contract on the Singapore Exchange increased by 0.64% to $96.65 per ton. Analysts at ANZ Bank said that after a significant decline last week, iron ore prices continued to stabilize. Usually, as the "Golden Week" holiday in October approaches, market demand tends to increase. However, higher coking coal prices continue to squeeze steel mill profits, and the weak profitability of steel mills still weighs on iron ore prices.