September 06, 2023 21:49 GMT
Consolidates Recent Gains
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SGX Iron Ore consolidated recent gains yesterday, finishing Wednesday's trading little changed after retreating from early highs through the session.
- The October contract finished at $114.80/tonne, we sit ~18% above August lows and a touch off the four month high registered in early September.
- Futures firmed yesterday in Asia amid positive demand signals from China's autumn construction period. Inventory levels at major Chinese steel mills fell 11.5% in late August according to data from China Iron and Steel Association.
- Gains were pared through the US session after the ISM Services print weighed on sentiment.