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Futures Supported Below $110/Tonne

IRON ORE

SGX Iron Ore futures have pared Wednesday's losses after finding support below the $110/tonne handle and finished dealing ~2% firmer last printing at $112.50/tonne.

  • Despite the lack of details the contract continued to be supported by expectations of further property market stimulus from China which will transform the demand outlook.
  • Rio Tinto, the world's largest Iron Ore producer shipped 79.1mn tons in Q2. The company warned that demand recovery in China faced “persistent headwinds” in Q2 and that China's economic recovery has fallen short of market expectations. More here.
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