Iron ore is losing momentum as China demand weakens. The Dalian benchmark was around CNY 768/t on June 11, down 5.5% over the past month but still 9.3% higher year over year.
Seaborne prices are testing the $100/t area after stronger Simandou export data. A two-month low near $101.65/t shows how quickly supply headlines can pressure the market.
China's May iron ore imports fell nearly 6% month over month despite higher overseas shipments. That points to demand lagging supply, not a shortage.
For buyers, the risk is downside drift. The market can rally on restocking, but weak mill margins and high port stocks cap the upside.
Do not treat every dip as a buying signal. Use staged coverage and wait for China restocking or a Simandou delay before increasing hedge ratios.