China iron ore: Steel weighs on sentiment
Seaborne prices fell today as slower steel sales pushed iron ore buyers to the sidelines.
The Argus ICX 62pc seaborne fines price fell by 75¢/dry metric tonne to $63.55/dmt.
Construction is slowing ahead of the start of the rainy season in south China, cutting demand for steel and iron ore.
Mills in Shandong province are bracing for steelmaking and sintering restrictions from 1-15 June during the Shanghai Co-operation Organisation heads of states meeting in Qingdao. Most mills have sufficiently stocked up on iron ore for the restriction period.
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