The price of 62% Fe grade iron ore fines from Australia delivered to China fell to US$106.5/ton on December 31, ending a three-day rally as Chinese steel markets weakened. Increased shipments from Australia and Brazil led to rising port inventories in China, putting pressure on spot rates. However, stable molten iron production prevented a significant crash, keeping prices above the US$106 level.

The commodity increased by US$5.90 over the full year, a 5.86% hike, while December had a 1.72% rise. This performance successfully reversed previous long-term downward trends for both the monthly and annual charts.

Looking ahead, the Simandou project's progress suggests higher global supply, though upcoming winter restocking by steel mills may provide short-term price stability despite currently low profit margins.