ANZ Research has maintained its iron ore price forecast, forecasting prices will stay above US$100/ton for the remainder of the year. The bank's target over the next three months is US$105/ton as profitable steel mills are likely to increase their purchases of the raw material.

Despite ongoing weakness in China's real estate sector, the iron ore market has remained resilient. This resilience is supported by strong demand, as reflected in recent Chinese economic and trade data.

The prospect of further consolidation within China's steel industry is also expected to provide additional support for prices, which have already risen by more than 20% since June.