On October 31, Australia's iron ore 62% Fe, CFR China, increased by US$0.55 to US$103.85, which has hit a new record high since October 17. Despite lower steel trading volumes in China, hot metal production slightly rebounded, reaching its highest point this year. Additionally, market expectations for further stimulus policies remain, and the steel industry PMI reached 54.6 in October, returning to expansion for the first time in 19 months, which has driven iron ore prices higher.

Market insiders noted that demand for steel in China remains relatively weak. However, with steel mills actively resuming production, steel output has increased. In the short term, macroeconomic policies are expected to shape the trend in iron ore prices, which are anticipated to exhibit a slightly strong and volatile movement.