Seaborne iron ore prices weakened at the start of June, reflecting reduced trading activity and cautious market sentiment. The Kallanish KORE 62% Fe index fell by $2.33/tonne to $94.33/dry metric tonne cfr Qingdao, while the 65% Fe index dropped $2.67/t to $104.73/dmt. The 58% Fe index declined $2.53/t to $81.36/dmt.

A total of 190,000 tonnes of PB Fines were sold at $92.10/t for delivery between 9-18 July. On the Singapore Exchange, May futures for 62% Fe and 65% Fe slipped by $0.41/t and $0.47/t, respectively, reaching $95.23/t and $105.81/t. The 58% Fe futures contract fell by $0.37/t to $82.20/t. Tangshan billet prices also softened by CNY 10/t to CNY 2,880/t.

The Dragon Boat Festival holiday in China dampened trading activity, with mills and traders remaining on the sidelines, leading to muted spot demand. Adding to the uncertainty, geopolitical tensions heightened as US President Donald Trump announced a plan to double steel import tariffs from 25% to 50%.

Market participants are now taking a cautious approach, closely monitoring post-holiday demand recovery in China and potential implications from global trade policy shifts.