The Platts 62% Fe iron ore index averaged $92.54/dmt in May, up from April's $82.84/ dmt on strong steel production, some supply fears and relatively low port stocks in China. The price rallied to $104.35 /dry mt CFR North China on June 26, up $1.35/dmt on the week. Market sources pointed to limited interest in taking seaborne positions even with declining port-side inventories as they expected prices to inch down further, maintaining low levels of inventory on hand as well. Several Chinese end-users noted numerous available offers for July loading Australian fines, and expected offer prices to decline closer to the loading dates.
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