Iron Ore Prices

Iron ore prices averaged USD 92.43 per metric ton in June, down 4.5% from May. On 30 June, the commodity traded at USD 92.00 per metric ton, down 2.1% from 30 May.

Prices extended their losses in June due to the ongoing malaise in China’s property sector. New-home prices fell at the sharpest rate in seven months in May, while overall home sales continued to plummet in June. Moreover, construction in the country slowed in June due to high temperatures in the north and rain in the south. Lastly, Chinese steel output clocked its lowest outturn for May since 2018, adding further downward pressure to prices.