SHANGHAI, Jun 7 (SMM) –In June, the demand for construction steel may weaken further and pig iron production is likely to decline. This, coupled with possible restrictions on crude steel production, will threaten demand for iron ore. Overseas mines tend to beef up shipments in June. In this context, iron ore prices are expected to fall, which will drag down pellet and lump premiums. To tackle poor profits, steel mills will be less willing to purchase more expensive high-grade ore.

More popular news

Fitch Says Falling Commodity Demand Causes Industrial Production To Cool Rapidly And Softer Commodity Prices Such As Copper Are Clear Signs Of Economic Slowdown

Key Takeaway from SMM 2023 Indonesia Nickel and Cobalt Industry Chain Conference: Global Nickel and Stainless Steel Market Outlook 2023-2027 and Indonesia’s Critical Role in Attracting Chinese Investment 

Oil Price Downturn To Reverse? Saudi Arabia "Declares War" On Bears, Bulls Betting On $100/barrel

China’s Central Bank Makes Huge Cash Withdrawals Today

Rumours Say Yunnan Will Grant 2 Million Kw Power To Local Aluminium Smelters To Resume Production After Being Disturbed By Power Rationing

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

Moody's Says US Debt Crisis And Abuse Of Sanctions Will Threaten US Dollar’s Dominance

South China Battles Power Crisis, The Worst This Year

Manufacturing PMI In Euro Zone And Germany Both Pick Up In May, But Still In Contraction Territory

Aluminium Ingot Inventories In China Fall To Alarmingly Low Level

ANZ Bank Is Bearish Towards Iron Ore Prices, Citing Four Key Negative Developments In China

One Of China's Top Two Lithium Giant To Expand Capacity Aggressively As It Bets On Nev And Energy Storage Markets In The Long Run, Despite Cyclical Downturn Of Lithium Carbonate Prices

BHP Plans To Expand Iron Ore Production Aggressively

SMM Morning Comments (Jun 1): Base Metals Closed Mostly with Losses, US Fed Sends Hawkish Signals