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Futures Recover Above $100/tonne

IRON ORE

SGX Iron Ore Futures fell as much as ~4% yesterday before paring losses on Thursday, the September contract dealt below the $100/tonne handle printing its lowest level since early June.

  • Escalating concerns over the lack of details of steel-intensive stimulus in China weighed. The China Iron & Steel Association has proposed cancelling night-time trading of futures as Beijing looks to ease market volatility in key industrial materials. More here.
  • Futures firmed off session lows after finding support below $100/tonne and finished the day down ~1% closing at $101.60/tonne.

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