Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin dropped to around $190 a tonne, after rallying to an all-time high of $229 on May 13th as demand for the steel is expected to ease from the construction sector as the summer season gets underway. Further pressuring prices, Chinese Premier Li Keqiang announced more measures to curb surging commodity prices, promising more domestic supply to ease prices, tougher oversight on the spot and futures markets and vowing to punish speculation and hoarding. On the supply front, BHP’s South Flank iron ore project in Western Australia announced the start of production of 80 million tons a year. Historically, Iron Ore reached an all time high of 229.50 in May of 2021.