Australia's iron ore 62% Fe, CFR China, on December 10, slightly increased by US$0.15 to US$106.2. It has remained above US$106 for two consecutive days. Since December, it has cumulatively increased by US$1.15, representing a growth rate of 1.09%.

China's Politburo meeting has sent positive signals to the market, strengthening expectations for steel demand and triggering a sharp rise in ferrous metal commodities and spot steel prices. Iron ore has also followed suit with a volatile upward movement.

However, iron ore inventories at Chinese ports are on the rise, while molten iron production has seen a recent decline. Moreover, during the off-peak season, the potential for steel mills in China to ramp up production remains limited, with restocking taking place only on an as-needed basis. Market analysts predicted that, in the short term, iron ore prices are likely to continue fluctuating.