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Futures Breach $130/tonne Handle

IRON ORE

SGX Iron Ore futures breached the $130/tonne handle for the first time since March 2023 as recent cycle highs extended on Tuesday.

  • The December contract finished dealing at $130.15/tonne, ~37% above mid-August lows.
  • Support continues to linger from China's Y1tn debt issuance in October which has stabilised the Chinese property sector. Low inventories at steel mills and expectations for restocking before February’s Lunar New Year holiday period are also aiding the demand outlook.
  • Gains extended to a fresh cycle high ($131.45/tonne) after the US CPI print, before gains were pared into the close.
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