Iron ore prices rebounded last Friday (November 21), closing at above the US$104 level. The price of 62% Fe grade iron ore fines from Australia delivered to China rose to US$104.2, up by US$0.35. It increased by US$1.65 over the week, a growth of US$1.56, achieving its second consecutive weekly increase and reaching its highest point in two weeks.

The price rebound was driven by several factors, including signs of stabilization in China's steel spot prices and the end of environmental production curbs in Hebei. Besides, market rumors that China's Ministry of Housing and Urban-Rural Development is preparing a new real estate stimulus package lifted sentiment for the commodity.

However, market participants caution that increased global shipments are expected to keep the supply loose, and steel mills' weak purchasing demand may lead to short-term price volatility.