Iron ore prices continued to rise this week, with the average weekly spot price of mainstream varieties at ports rising by 13 yuan/ton. Among them, the price of IOCJ fines is still the variety with the largest increase; this is mainly because the spot inventory at ports is tight and traders are more willing to hold offers firm. In addition, the price of PB blocks remained stable without any significant increase. This was mainly because the price had always been high and the cost performance was average. In addition, the price of coke had been rising recently and the demand from steel mills had declined. At present, the output of molten iron is still recovering, and the short-term support for mineral prices is relatively strong. However, considering that the pre-holiday restocking has basically ended, it is expected that the resistance to the rise in mineral prices will increase in the near future, and the fluctuation range will narrow.