Having briefly dipped to $117/t CFR at the start of November, the benchmark 62% Fe fines index hit $130/t CFR in the final few days of the month. The monthly average price for November was $124/t CFR, a new high for the year. But can it last? To what extent is this latest bounce driven by short term re-stocking versus something more sustainable? Recent vaccine announcements have provided a huge boost to financial markets, but the underlying global economy remains in a dire state. As far as seaborne iron ore is concerned we remain confident that prices will be lower in 2021 than 2020 as Chinese steel production growth moderates and seaborne iron ore supply accelerates, but in the short term it’s hard to find compelling arguments in favour of significantly lower prices.