MONTHLY: Pre-holiday restocking to underpin iron ore prices in January

Prices for imported iron ore in China defied weakening fundamentals last month to edge higher, and this resilience is likely to persist into the new year, with prices expected to trade in a wider range in January, according to Mysteel's latest monthly report on the commodity.

In December, Mysteel SEADEX 62% Australian Fines index fluctuated within a narrow range of $103.7-106.95 CFR Qingdao, averaging $105.47/dmt – an increase of $1.71/dmt from November. The slight uptick appeared counterintuitive, as iron ore's market fundamentals actually softened last month, Mysteel Global notes. Port inventories continued to accumulate, signalling looser