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Futures Pressured On Friday

IRON ORE

SGX Iron Ore futures were pressured on Friday falling ~2% as steel output curbs and extreme heat warnings in China weighed.

  • The August contracts sits at $109.00/tonne, Fridays losses have been marginally pared in early dealing.
  • Forecasts for temperatures above 40C (104F) in parts of China will likely slow construction, MySteel noted. The extreme heat could lead to a greater summer slowdown than usual, more here. This comes after reports that the steelmaking hub of Tangshan had ordered steel output curbs for all of July to help combat worsening air quality.

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