Australia's iron ore (62% Fe, CFR China) price on December 15 slightly increased by US$0.1 to US$103.8. China’s crude steel output in November dropped by 10.9% year on year to 69.87 million tons. However, after China’s steel export control news, ferrous futures rebounded, with coking coal and coke futures rising simultaneously. This trend helped iron ore prices stabilize and edge slightly higher.

Meanwhile, spot steel prices in China also showed signs of stabilizing yesterday, although trading activity remained weak. Market participants noted that the steel market is currently in a weak equilibrium between sluggish demand and production cuts by steel mills. The iron ore prices are expected to fluctuate within a narrow range in the short term.