Iron ore prices extended gains today after a major bank lifted its fourth-quarter average forecast. The most-traded January iron ore contract on China’s Dalian Commodity Exchange settled up 0.71% at 777 yuan/ton (about $108.63), marking a second straight daily rise. The forecast revision increased the bank’s Q4 average to $95/ton from $90/ton, citing steady mill demand and inventory dynamics. Physical market indications were firm: in Shandong, mainstream transaction prices for PB fines were quoted at 772–775 yuan/mt, up 2–5 yuan from yesterday. Traders reported firm offers but moderate willingness to sell, while mills remained cautious with limited inquiries; overall trading activity was described as subdued. The move follows earlier softness tied to steel margin compression and expectations of output controls, but today’s recalibration of expectations provided support across futures and some spot quotations. No logistics disruptions were reported, and there were no new policy changes specific to iron ore imports. Market participants will watch Chinese steel production signals and any additional guidance on export policies that could influence raw-material demand into late September. The day’s price action kept the contract above recent lows but short of August intraday peaks.