Australia's iron ore (62% Fe, CFR China) price on November 19 remained above US$104 and closed at US$104.05. Chinese ferrous futures exhibited a softer trend, while spot steel prices displayed a mixed performance, resulting in moderate market activity. Coking coal futures experienced a significant movement that unsettled market sentiment, further impacting the iron ore market.

Market participants indicated that China’s hot metal output appears to be rising again. After a brief period of improvement, steel prices moved into a consolidation phase. Under current market conditions, the room for further adjustment is considered limited, and iron ore is expected to maintain a volatile pattern in the short term.