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Futures Firm Above $110/Tonne

IRON ORE

SGX Iron Ore futures firmed above the $110/tonne handle, rising for the fourth consecutive day.

  • The September contract closed at $110.85/tonne, we sit at the highest level since late July and have firmed ~10% since last Wednesday.
  • Sentiment in the space has improved due to the absence of government directives to cut steel production as the post-summer ramp-up in building activity looms. Hongye Futures Ltd noted that molten ore output averaged 2.5mn tons a day in the week to Aug 20, slightly more than the week before, more here.

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