The iron ore market continues to weaken and is likely to fall for the seventh consecutive week.

Golden Ten Data reported on June 26 that due to seasonal weak demand and narrowing profit margins for steel mills, iron ore prices fell for a seventh consecutive week, marking the largest weekly decline since 2022. On Friday, Singapore iron ore futures prices once fell to $96.95 per ton (UTC+8), hitting an intraday low not seen since February and dropping 1.5% this week. In recent weeks, the iron ore market has been continuously under pressure due to seasonally weak demand, increased seaborne supply, and port inventories remaining at high levels. In addition, the temporary peace agreement between the United States and Iran in the Middle East has led to lower fuel costs, further intensifying market pressures. Kpler iron ore analyst Sushmita Vazirani stated that Australian miners may increase production in the last week of this month to meet quarterly performance targets, while weak demand will restrain price increases. She also noted that a key point to watch on the supply side in July will be the progress of labor negotiations between the Hedland Port union and BHP.