Australia's iron ore (62% Fe, CFR China) price on November 27 slightly went up by US$0.1 to US$106.55, which marked almost a month high. The iron ore price increased by US$2.7 over the past five trading days, up by 2.6%. Since the start of the month, prices have edged up by US$0.25, or 0.23%, and have climbed a total of US$5.95 so far this year, rising by 5.9%.

Market sources said that although China’s steel market continues to be difficult and hot metal output declined, authorities are reportedly considering reducing port fees for state-owned enterprises by limiting cargo storage times to no more than 30 days. The move could speed up inventory turnover. During steel mills’ restocking period, spot supply is also being absorbed, which may curb long-term inventories and support further gains in iron ore prices.

Iron ore inventories at Chinese ports and steel mills fell simultaneously, adding support to the market. However, some mills began maintenance plans, with more expected to follow, which could weaken demand. Based on these factors, the market anticipates a volatile short-term trend for the iron ore price.