Approximately 50% of the worlds steel is made in China. They buy about 70% of seaborne IO.
I think there a large lockdowns in China due to the delta variety so steel demand has also fallen and prices don't seem to have gone up. This is hopefully a temporary situation like the previous covid out breaks. In the mean time they also have increased taxes on steel exports so this should incentivize other to increase their steel production.
The best long term outcome would be the US and Europe (and other large economies) deciding they don't want to rely on China for steel (and many other things!) and they start increasing their own production capacity.
Price of Iron Ore, page-100
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