According to the Chinese government policy, the domestic demand for iron ore has been increased by 4.9% year on year in 2020’s first 11 months, which also stimulated the market price to hit a new high.

In 2021, the market expected more and more steel mills would resume their capacity which had been shut down for epidemic prevention last year, and which might further push the iron ore demand to increase.

Based on that, the market expected the iron ore price would face strong in the future.