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Fresh Cycle High On Thursday

IRON ORE

SGX Iron Ore printed a fresh cycle high on Thursday, we sit at the highest level since H1 2022.

  • The January contract finished dealing at $135.05/tonne.
  • An expansion in Chinese exports for the first time in 7 months added support. Exports in November rose 0.5% year on year, that compared to a median estimate of no change.
  • New Home Sales rose in 2 of China's 4 first-tier cities in the week to Dec 6. Meanwhile, Vale SA announced updated output estimates, with supplies for 2024 expected to remain flat compared to this year.

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