Prices rangebound, could be pressured in Q3

摘要

The spot iron ore market has been trading ina very narrow range of $64-66/mt CFR overthe first half of June. The S&P Global Platts62% Fe iron ore fines benchmark averaged$65.95/mt in May, up just 1.04%, or by 68cents, from the month before. Seaborneiron ore does not appear to be benefitingfrom high steel prices and strong marginsin China. Plentiful supply, high port stocks,steel production cuts for environmentalreasons, and a weaker season for steeldemand, could combine to send iron oreprices slightly lower in the coming month.