Iron ore prices increase on Nov 7, forecasted to experience volatility in short term
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Update time : 2024-11-11 16:38:36
On November 7, Australia's iron ore 62% Fe, CFR China, greatly went up by US$1.25 to US$105.75, and it has increased by US$1.9, a rise of 1.8% since November.
China's exports showed strong performance in October, achieving the fastest growth rate in over two years. Although iron ore imports saw a month-over-month decline, volumes remained above 100 million tons for the fourth consecutive month. At the same time, ferrous metals futures trended upward, and spot steel prices slightly rebounded, supporting an increase in iron ore prices.
However, China's molten iron production recently declined. Plus, increased shipments from global mining companies caused port inventories in China to grow, which further created a supply-demand imbalance. With seasonal steel demand relatively weak, iron ore fundamentals are expected to remain soft in the near term, likely experiencing volatility.
