Iron ore prices slipped to $96.95 a tonne in Singapore on Friday, the lowest intraday level since February. The drop marks a seventh consecutive weekly loss, the steepest streak since 2022, and leaves the market down 1.5% for the week. Seasonal global demand weakness, expanding seaborne supply and still‑high Chinese port significant inventories are driving the slide.

Australian miners are expected to boost shipments in the week of June to hit quarterly targets, Kpler analyst Sushmita Vazirani said, but demand will keep prices under pressure. A risk is the BHP labor dispute at Port Hedland, world’s largest bulk‑export hub, where pay talks could affect July flows. Chinese port stocks rose to a record 160 million tons, tightening supply for the biggest importer.

Mill profitability in China slipped, with surveyed steelmakers’ margins falling to about 51%, down 4.8 percentage points week‑over‑week and 8.2 points year‑on‑year, as higher coke costs follow a fatal Shanxi coal accident. The squeeze pushes mills toward medium‑high grade ore, further supporting the price decline. With inventory levels at historic highs, iron‑ore traders face a tight market outlook.