Bullish Macro Sentiment And Healthy Fundamentals Shored Up Imported Iron Ore Prices In June

Published: Jul 6, 2023 17:29
Source: SMM
SHANGHAI, Jul 6 (SMM) – In early June, China’s manufacturing PMI was better than expected, and worker strike in Brazil, along with the suspension of railway lines in South Africa, boosted market sentiment.

SHANGHAI, Jul 6 (SMM) – In early June, China’s manufacturing PMI was better than expected, and worker strike in Brazil, along with the suspension of railway lines in South Africa, boosted market sentiment. Subsequently, China's five major banks announced the reduction of deposit rates, also cheering market. Strong expectations for stimulus policies boosted ferrous metals prices. From a fundamentals point of view, iron ore shipments by overseas mines increased significantly in late June, driven by the rush to achieve semi-annual targets. Improving profits boosted steel mills’ enthusiasm for production. This, combined with low inventory on hand, drove the rigid demand for iron ore. On the whole, the prices of both spot iron ore and futures contract fluctuated upward in June. The spot prices of mainstream iron ore fines at major ports in Shandong and Hebei rose by more than 100 yuan/mt. At the beginning of June, the spot prices of iron ore fell to a nearly five-month low, with the prices of PB fines at Qingdao Port at 767 yuan/mt. Yet, iron ore prices rebounded to 876 yuan/mt afterwards, driven by improved market sentiment.

More popular news

Daily LME Base Metals Inventory Changes


Daily Updates on SHFE Base Metals and Stainless Steel Warrants, With Nickel Critically Low


Ferrous Metals Prices To Extend Significant Volatility In July, SMM Analysis From Macro And Fundamentals


China's June Official Manufacturing PMI Contradicts Caixin PMI


China To Impose Controls On Exports Of Gallium And Germanium


Chief Economist At S&P Global Market Intelligence Warns Of US Recession In H2 2023, US ISM Manufacturing PMI Unexpectedly Hits More Than Three-Year Low In June 

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
[SMM Steel Market Flash] POSCO Targets 35%-40% Shareholder Return Based on Adjusted Net Income
Apr 30, 2026 22:29
[SMM Steel Market Flash] POSCO Targets 35%-40% Shareholder Return Based on Adjusted Net Income
Read More
[SMM Steel Market Flash] POSCO Targets 35%-40% Shareholder Return Based on Adjusted Net Income
[SMM Steel Market Flash] POSCO Targets 35%-40% Shareholder Return Based on Adjusted Net Income
According to POSCO’s Q1 2026 earnings call, the company has introduced its third interim shareholder return policy and shifted from a free-cash-flow-based approach to a more earnings-linked framework. The new policy targets a shareholder return ratio of 35%-40% of adjusted net profit attributable to controlling interests, to be delivered through a mix of cash dividends and share buybacks or cancellations. POSCO said the change is intended to improve payout visibility while balancing growth investment and shareholder returns.
Apr 30, 2026 22:29
[SMM Steel Market Flash] POSCO Says Middle East Tensions Continue to Squeeze Steel Margins
Apr 30, 2026 22:27
[SMM Steel Market Flash] POSCO Says Middle East Tensions Continue to Squeeze Steel Margins
Read More
[SMM Steel Market Flash] POSCO Says Middle East Tensions Continue to Squeeze Steel Margins
[SMM Steel Market Flash] POSCO Says Middle East Tensions Continue to Squeeze Steel Margins
According to POSCO’s Q1 2026 earnings call, the ongoing US-Iran conflict has pushed up FX, oil, LNG, and logistics costs, creating clear pressure on steel margins. The company said that although sales volumes, production, and utilization rates recovered sequentially, raw material sourcing costs remain elevated due to disruptions linked to the Middle East situation, and this cost pressure is expected to continue into the second quarter.
Apr 30, 2026 22:27
[SMM Hot Topic] HRC Prices Rose MoM in April, Expected to Fluctuate at Highs Before Mid-May
Apr 30, 2026 18:50
[SMM Hot Topic] HRC Prices Rose MoM in April, Expected to Fluctuate at Highs Before Mid-May
Read More
[SMM Hot Topic] HRC Prices Rose MoM in April, Expected to Fluctuate at Highs Before Mid-May
[SMM Hot Topic] HRC Prices Rose MoM in April, Expected to Fluctuate at Highs Before Mid-May
Apr 30, 2026 18:50