On November 13, Australia's iron ore price remained almost flat and closed at US$102.55, which has remained above the US$102 mark for two consecutive days. The start-up of production at the Simandou mega-mine fueled forecasts of greater availability, while Chinese steel mills reduced output as losses widened.

Even so, the People’s Bank of China reaffirmed its commitment to maintaining loose monetary policy, helping lift sentiment and contributing to a strong rise in iron ore prices the previous day, followed by steady performance yesterday.

However, shipments from Australia and Brazil declined, yet Chinese steel mills’ imported iron ore inventories continued to climb, with portside stockpiles increasing as well. At the same time, hot-metal output dropped, and steel demand remains weak, with average transaction volumes. Therefore, iron ore prices are likely to remain volatile in the short term.