MYSTEEL: China iron ore prices to face downward pressure

After performing strongly last month, imported iron ore prices in China will likely meet downward risk in July, as supply-demand fundamentals for the commodity may gradually worsen from those in June and become a drag on prices, Mysteel concluded in its latest monthly report.

Throughout last month, Mysteel SEADEX 62% Australian Fines had increased to $112.15/dmt CFR Qingdao as of June 30, up by $7/dmt from June 1. Also, Mysteel PORTDEX 62% Fe Australian fines index grew by Yuan 65/wmt ($8.9/wmt) from the beginning of last month to reach Yuan 878/wmt FOT Qingdao