On November 10, Australia's iron ore price greatly increased by US$1.2 and reached US$101.95. China’s steel exports totaled nearly 98,000 tons in October, marking both month-on-month and year-on-year declines. However, the country’s iron ore imports reached 111.31 million tons during the month. Although this represented a 4.3% decrease from September’s record high of 116.33 million tons, it was still a 7.2% increase compared with the same period last year, supporting a rebound in iron ore prices.

Meanwhile, the recent Chinese steel prices have gradually improved, shifting to slight fluctuations and modest gains, which have provided some support to iron ore market trends. Despite this, steel demand remains weak, and iron ore trading activity is limited. Market participants expect iron ore prices to show volatile movement in the short term.