- Trading remained centred on medium-grade fines
- Seasonal slowdown continued to weigh on steel demand
Iron ore fines (Fe 61%) spot prices edged down by $0.4/dmt d-o-d to $97.95/dmt CFR China on 7 July 2026, as seasonal weakness in China’s steel demand and higher shipments from Australia and Brazil outweighed firmer portside trading activity.
Trading remained thin, with transactions largely concentrated in mainstream medium-grade fines. China’s portside market witnessed relatively better buying interest following Monday’s gains, helping cushion the decline in seaborne prices. However, the improvement was insufficient to offset weak underlying demand.
Steel market fundamentals continued to pressure sentiment. High temperatures across northern China and typhoon-induced heavy rainfall in the south disrupted construction activity, while flooding in parts of Guangxi affected logistics. The resulting slowdown in steel consumption kept mills on a need-based procurement strategy, limiting support for iron ore prices.
On the supply side, increased shipments from Australia and Brazil improved seaborne availability, adding downward pressure to the market despite a slight slowdown in spot trading activity.
DCE iron ore futures: Iron ore futures on the Dalian Commodity Exchange (DCE) for the September 2026 fell to RMB 737.5/t ($109/t) on 8 July, reflecting continued caution over near-term steel demand.
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