en.Wedoany.com Reported - On June 24, the spot price of iron ore fines (Fe 61%) rebounded, closing at $98.45/dmt (CFR China), up $1.6/dmt from the previous trading day.

After the Dragon Boat Festival holiday in China, market activity gradually resumed, supported by a recovery in domestic iron ore prices and a rise in domestic coke prices. Trading activity in the seaborne market also showed signs of recovery. After prices experienced a prolonged decline and hit a near one-year low, buyers stepped in to buy on dips, providing support to the market and improving sentiment.

Market rumors that China may impose procurement restrictions on certain brands of iron ore cargoes further boosted market sentiment. Reports suggest that steel mills may face restrictions on directly opening letters of credit or participating in spot tenders for multiple products, while existing long-term contracts are expected to remain unaffected. Although these rumors have yet to be confirmed, concerns over tightening spot availability provided support to the market.

However, in the secondary market, discounts for blended fines widened due to higher phosphorus content, dragging down actual transaction levels. The outlook for blended iron ore products remains weak, with trading activity continuing to languish. Additionally, despite seasonal factors affecting steel demand, hedging operations by some market participants also provided some support to spot market prices.

In the futures market, the Dalian Commodity Exchange (DCE) iron ore futures contract for September 2026 closed at 746.5 yuan/mt (approximately $110/mt) on June 25.

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