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Futures Highest Since March

IRON ORE

SGX Iron Ore futures printed their highest level since March, briefly testing the $122/tonne handle in Thursday's trade.

  • The October contract finished at $121.65/tonne, the contract has risen ~7% this week and sits ~25% above mid August lows.
  • The PBOC cut the reserve requirement ratio for all banks, except those that have implemented a 5% reserve ratio, by 25 basis points from Sept. 15. The move helped sentiment in the metals space seeing Iron Ore extend early gains.
  • Inventory levels at major Chinese steel mills rose 7.33% to 15.8m metric tons in early September compared with late August, according to data from China Iron and Steel Association. More here.
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