Iron ore prices fell for a seventh consecutive week, recording the largest
single-week drop since 2022. Singapore iron ore futures hit an intraday low of
$96.95/ton on Friday, down about 1.5% for the week. The market is under pressure
from seasonal demand weakness and narrowing steel mill margins, rising seaborne
supply and elevated port inventories. A temporary U.S.-Iran peace deal has eased
fuel costs, adding to downside. Kpler analyst Sushmita Vazirani said Australian
miners may lift output in the final week of the month to meet quarterly targets
and flagged progress in Port Hedland union talks with BHP as a key supply-watch
for July.
