Iron Ore 62% Fe Intelligence Report

SGX TSI iron ore 62% Fe settled at $105.13/mt on June 2, consolidating after a $111.42 peak in mid-May — the highest monthly average ($109.99) since April 2024. The market has softened 3.8% from the May weekly peak as supply surplus dynamics reassert themselves. China's steel output is declining 2-3% YoY, while seaborne supply continues growing at ~2% annually, widening the surplus to an estimated 80-90 million tonnes in 2026. The year-end consensus of $109.10 implies modest recovery, contingent on Chinese stimulus materializing. Without it, the structural surplus pulls prices toward $95-100.