Australia's iron ore (62% Fe, CFR China) price on February 11 remained almost flat compared to the previous day at US$101.65. Most Chinese enterprises entered pre-holiday shutdowns, resulting in subdued steel market activity, and overall demand stayed weak. Despite that, iron ore prices remained steady, supported by higher port handling volumes and reduced arrivals.

According to market participants, China’s port inventories climbed to a two-year high. With the Lunar New Year holiday also weighing on market activity, iron ore prices are likely to stay stable in the short term.