Free Trial

Futures Below $100/Tonne, China Demand Expectations Weaken

IRON ORE

SGX Iron Ore futures have fallen ~8% since printing their highest level since mid April last week, the price now sits below $100/tonne and the lowest since 12 May.

  • Expectations for Chinese Steel Consumption in the second half of 2023 have weakened since recent data on the real estate market crossed, property investment contracted by more than 16% in April. Link here.
  • SGX Iron Ore futures now sit ~24.5% lower than the peak in March with the continuing demand concern from China weighing.

Fig 1: SGX Iron Ore

Source: MNI/Bloomberg

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.