23.06.202608:30:18UTC+00Iron Ore Drops to Near 1-Year Low

Iron ore futures fell to CNY 738 per ton in June, their lowest level since July 2025, pressured by expectations of increased exports from major suppliers and muted demand. Mining companies are anticipated to ramp up shipments this month to meet annual targets, coinciding with a seasonal slowdown in steel consumption. This dynamic is expected to further swell port inventories, which are already at record highs. Additional downward pressure came from weaker-than-expected economic data in China, particularly retail sales, which declined for the first time in more than three years and heightened concerns about softer steel demand in the coming months. Iron ore prices were also weighed down by a slump in crude oil, driven by signs of progress in US–Iran peace talks, which in turn reduced freight rates.