The price of 62% Fe grade iron ore fines from Australia to China slightly increased by US$0.6 last Friday (November 29), reaching US$105.05, a new high since November 8. The price has risen for four trading days in a row and hit a new high since October 18.

The iron ore price rose a total of US$4.2 last week, an increase of 4.16%, while it rose a total of US$1.2 in November, an increase of 1.15%.

China will have the Politburo meeting and central economic work conference in December, and the market has expectations for macro policies. Total steel inventories fell this week, driving ferrous metal futures to fluctuate and strengthen, while spot steel prices and iron ore prices turned higher as port iron ore inventories fell.

However, steel mills are increasing production suspensions and production cuts, and the market supply and demand are weakly balanced. The four major miners may increase shipments by the end of the year, and the iron ore supply is expected to increase. Market participants believed that iron ore prices would remain volatile.