Market Overview:

  • Yesterday’s Price Action: The market encountered support around the 3230 level, a price point also seen on November 15, when prices rebounded sharply after reaching this level. However, this time, the external conditions differ, which limits the rebound potential.
  • Current Outlook:
    • Expect the market to oscillate between 3230-3280 in the short term, with iron ore fluctuating between 745-770.
    • As winter storage dynamics intensify and iron ore continues to weaken, the probability of further downside increases.

Forecast:

  • The market is expected to stay within a narrow range as support holds at the lower end, but with limited upside potential due to weaker external factors.

Strategy:

  • Short-Term Weakness: Continue to follow a cautious approach, awaiting further market clarity and possible further declines.

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