MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI: US NOV IMPORT PRICES +0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Fresh Lows Amid Higher Inventories, Potentially Less Policy Easing In The Near Term

IRON ORE

Iron ore, in terms of the active SGX contract, is tracking just under $111/ton in recent dealings. This is fresh lows for the benchmark going back to late Oct last year. Steel prices are also lower, with the onshore China trend weaker since the start of March.

  • In terms of catalysts for the move, we did see another tick higher in iron ore inventories at the end of last week. We are now back to early March levels from last year. Inventories have risen every week since late Nov last year.
  • Saturday's inflation data also showed an upside surprise for headline CPI, which may have diminished hopes of a near term easing, another potential headwind, albeit at the margins.
  • Aggregate stocks indices are mixed in the first part of trade today, like while for real estate sub indices, which historically have had some correlation with iron ore (this has been weaker in the past 6 months though).
Metals bulletEM BulletHomepageCommoditiesBulletMarketsEmerging Market NewsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.