MONTHLY: China iron ore prices to gather momentum in late August

Imported iron ore prices in China are expected to stay on their downward tack in August, pressured by the persistent weakness in market fundamentals, according to Mysteel's latest monthly report on the commodity. However, a modest rebound could occur toward the end of the month, supported by restocking demand from steelmakers ahead of the autumn peak demand season, the report adds.

In July, Mysteel SEADEX 62% Australian Fines averaged $99.57/dmt CFR Qingdao, down $2.44/dmt from June's average of $112.01/dmt and marking the lowest monthly average since August last year. Freight rates for iron ore shipments rose again last month, driven by higher oil prices amid renewed tensions between the US and