ANZ strategists have raised their price forecasts for iron ore. Strategists say iron ore's current rally appears vulnerable to a pullback if demand does not end up falling as expected, which could be triggered by steel production cuts in north China during winter. However, the downside appears limited amid tight markets. Therefore, we have raised our short-term target (0-3 months) to $110/mt and raised our price forecast for 2024, now expecting prices to be unlikely to fall below $100/mt.