The price of 62% Fe grade iron ore fines from Australia delivered to China hiked by US$0.45 to US$104.20/ton yesterday (November 18), reaching its highest level since November 4. The increase was primarily driven by easing supply anxiety, as global shipments dropped for the second consecutive week and arrivals at Chinese ports declined.

This rebound put the commodity back above the US$104 level. Expectations for winter restocking are providing support, even as underlying Chinese steel demand remains soft. Market participants foresee a potentially volatile short-term trend due to decreasing hot metal output and weak steel prices.