Iron ore quotes in China under pressure of rising supply

摘要

The global iron ore market kept seeing an uptrend in July. Import iron ore prices were rising quickly in China in the first half of the month amid strong demand ensured by high steel output and BF utilization rates. Amid positive market sentiments, Australia-origin (62% Fe) iron ore quotes increased to $108-111/t CFR, up from $98-100/t at the beginning of the month. Yet, market expectations worsened substantially by the end of the month on higher supply and bigger tensions in relations between China and the US.