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Futures Extend Gains


SGX Iron Ore Futures have extended recent gains, the September contract now sits ~15% above Aug 14 lows and sits at the highest level since 26 July.

  • The contract finished dealing at $113.90/tonne rising ~3% yesterday.
  • Falling Iron Ore inventories and speculation Chinese steel mills will ramp up output ahead of the nation’s usual pick-up in construction activity during September and October have added support to the space in recent sessions.

Fig 1: Steelhome China Iron Ore Total Ports Inventory

Source: MNI/Bloomberg

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