On November 6, Australia's iron ore price slightly increased by US$0.45 and reached US$103.85. China’s ferrous futures markets rebounded, with iron ore leading gains as coking coal and coke prices rose sharply amid tightening supply. Spot prices also strengthened. Rebar transactions saw a notable increase, following reports that a major real estate developer began acquiring land, which helped improve market sentiment and drove iron ore prices to recover.

However, profits at Chinese steel mills recently narrowed significantly, and more mills are cutting production. Mills also purchased only as needed, while iron ore arrivals at ports increased. According to market participants, with supply still ample and demand remaining weak, iron ore is expected to show volatile movement in the near term.