On November 12, Australia's iron ore price hiked by US$1.25 and reached US$102.6. After three trading days, it has once again returned to above the US$102 level. Chinese steel prices rebounded yesterday. Meanwhile, construction steel inventories declined week-on-week, and demand showed a slight recovery. In addition, miners’ shipments continued to fall this week, leading to reduced arrivals at Chinese ports and further supporting the upturn in iron ore prices.

Despite this, Chinese steel mills remained focused on basic procurement needs, resulting in higher port inventories. Production cuts at China’s steel mills also weakened demand resilience. Nevertheless, downstream restocking offered some support. Market participants expect iron ore prices to maintain a volatile trend in the short term.