Seaborne iron ore prices observed rangebound movements on Wednesday July 1 after concerns surrounding higher steel product inventories surfaced in the market, sources said. Heavy rainfalls in both the eastern and southern regions in China were heard to have temporarily ceased, but steel reinforcing bar (rebar) producers believe demand was relatively weak, Fastmarkets heard. Market participants received data suggesting an increase in steel product inventories, likely due to a slowdown in demand, which indirectly weakened the seaborne prices for iron ore.
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