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Futures Remain Rangebound, Chinese Inventory Levels Fall

IRON ORE

SGX Iron Ore futures remain well within recent ranges, a $108-$110/tonne range has persisted for the most part in recent dealing.

  • We last print at $109.75/tonne, the contract rose ~0.4% in Thursday's trade and has opened a touch below closing levels. We sit ~3% below late June highs.
  • Inventory levels at major Chinese steel mills fell 8.89% to 14.8m metric tons in late June compared with mid June and sit at their lowest level since December, more here.

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