Iron ore futures temporarily rebounded higher after a recent pullback. Galaxy Futures said in a research report that prices may continue to hit new lows next month. The agency said overseas steel demand increased in June, but this trend is unlikely to continue. The agency added that this steelmaking raw material may not be able to overcome the effects of weak fundamentals in the third quarter. The most actively traded iron ore contract in January on the Dalian Commodity Exchange rose 0.4% to 712.5 yuan per ton.

Iron ore futures temporarily rebounded higher after a recent pullback. Galaxy Futures said in a research report that prices may continue to hit new lows next month. The agency said overseas steel demand increased in June, but this trend is unlikely to continue. The agency added that this steelmaking raw material may not be able to overcome the effects of weak fundamentals in the third quarter. The most actively traded iron ore contract in January on the Dalian Commodity Exchange rose 0.4% to 712.5 yuan per ton.