Asian iron ore prices landed at a crossroads following one of their worst second-quarter performances ever, yet the expectations of more stimulus measures in China and the reality of steel output cuts paint the third-quarter outlook hazy.
The 62% Fe iron ore index, or IODEX, dipped 24.87% in Q2 to 120.1/dmt CFR China June 30 as China's pandemic curbs, followed by floods in South China and high temperature in North and East China, continued to suppress steel demand.
Some Chinese steel mills, especially the private ones, have started to voluntarily cut steel output as weak steel demand dragged their margins into negative territory.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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