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Futures Supported At $100/Tonne

IRON ORE

SGX Iron Ore futures were pressured yesterday falling ~0.7% before support came in as the contract dipped below the $100/tonne handle.

  • The contract closed on Tuesday at $100.35/tonne, this is the lowest closing price since early June.
  • Continuing malaise in the Chinese property sector, concerns continue over developer Country Garden's ability to service debt, as well as the lack of a big-bang stimulus continue to weigh on Iron Ore.
  • Trade figures from China for July fell more than expected,Exports dropped 14.5% y/y in July, the worst decline since Feb. 2020 and Imports fell 12.4%, much deeper than economists expected.
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