Seaborne iron ore prices eased in the week to 23 June amid sluggish downstream steel demand as hot and rainy season hit construction activity in south China. The McCloskey daily assessment of 62 Fe iron ore fines was at $112.69/t on 23 June, down by $2.4/t on the week. Prices were rolled over on Thursday and Friday due to China’s Dragon Boat holiday on 22 and 23 June. Steel margins among many blast-furnace steelmakers remained healthy last week despite price declines, which is supportive of iron ore demand in the near term. Some traders booked seaborne cargoes last week, betting on a short-term upward price trend.
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