Iron ore's roller-coaster ride continues - and for the time being we're still on the way up! Following the wild volatility of May that saw prices fluctuate within a $50/t range, June was a month of consolidation within a higher and narrower band of $203-223/t. The market for high grade ore and direct charge feed remains hot due to a combination of supply constraints and a desire, particularly from ex-China steel mills, to maintain the focus on maximising productivity, despite margin compression. We still think iron ore prices will be lower in H2 than H1, on the basis that Chinese demand slows while Brazilian supply grows - but recent experience shows neither of these is a safe bet! Read our monthly update for the latest analysis on short term supply/demand dynamics and price outlook.