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

Published: Jul 6, 2023 17:29

Source: SMM

Save

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

Market review

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

Feb 6, 2026 18:30

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

Feb 6, 2026 18:30

Feb 6, 2026 18:09

MMi Daily Iron Ore Report (February 6)

Today, the DCE iron ore futures continued to hit bottom today, with the most-traded contract I2605 closing at 760.5 yuan/mt, down 1.23% from the previous trading day. Spot prices fell by 5–10 yuan/mt compared to the previous trading day.

Feb 6, 2026 18:09

Feb 6, 2026 17:41

[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

Feb 6, 2026 17:41