Commodity Market Report
Global iron ore short-term outlook November 2023
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Report summary
Despite near-term concerns around downstream demand as China enters its weak construction season during the winter, prices have continued to trend higher. November averaged US$130.5/t, up by US$11.5/t month-on-month, as sentiment remains positive from more funds being poured into the Chinese economy. In addition, the lack of restrictions on steel output as economic growth is prioritised, as well as indications that Beijing appears willing to guarantee support to the largest troubled property developers, have further fuelled the recent sentiment-driven surge in iron ore prices.
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