Throughout the U.S.-China trade war, we have witnessed steel prices continue to weaken, while iron ore prices have surprisingly rallied on a global supply crunch that has seen prices rise to the highest level since 2014. Sanford C. Bernstein & Co. is predicting that the world's best miners including Vale S.A. (VALE) will deliver approximately 283 million tons this quarter, a 10% decrease on the year. Iron ore's shortfall will likely continue to support miners including Fortescue Metals Group Limited (FSUGY), Cleveland-Cliffs Inc. (CLF) and Anglo American PLC's (NGLOY) Kumba Iron Ore Ltd. The last surge in iron ore prices stemmed from a fall in port holdings in China, which have now fallen to a two-year low. While the shortfall could see supply return in the latter half of the year, in the short term, iron ore prices could be supported.