Commodity Market Report
Global iron ore short-term outlook June 2024
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Report summary
Iron ore prices have been under downward pressure due to sluggish steel demand, and expectations of a steel output cut clouding the outlook. The 62% Fe fines CFR China price averaged US$106.0/t in June 2024 (-10% or -US$11.5/t month-on-month); the price traded between US$110 and US$102/t. Lagging steel prices and the traditional off-season for steel demand in the summer in China will keep a lid on iron ore prices. Further out, we continue to see an increasingly challenging environment in China, with tough conditions for the all-important property market.
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