Australia's iron ore price held steady at US$102.55 on November 14, capping a weekly rise of US$1.80 (1.78%) . Year-to-date, prices have advanced US$1.95 (1.9%) .

Key Market Drivers:

• Supply-Demand Dynamics: While steel demand remains weak and Chinese mills cut output (hot metal production declined), expectations of pre-Lunar New Year inventory replenishment by mills are providing price support .

• Policy Influence: The People’s Bank of China’s commitment to maintain loose monetary policy boosted sentiment, countering earlier concerns over softer demand and rising supply from projects like Simandou .

• Coke Costs: Expectations for a fourth round of coke price hikes in China intensified, though weak steel demand limited broader price moves .

Short-Term Outlook:
    With steel prices expected to see limited volatility and mill/port inventories rising, iron ore will likely trade in a fluctuating range . Persistent weak demand and high supply may cap significant gains.