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Gains Consolidated, Futures Supported Below $110/tonne

IRON ORE

SGX Iron Ore Futures continue to consolidate mid-August gains, the contract was little changed yesterday dealing in narrow ranges for the most part.

  • Support was seen in a brief dip below $110/tonne before losses were pared and the October contract finished the session at $110.85/tonne.
  • Despite the weak outlook for the Chinese property market, as well as lack of big bang stimulus for the sector, Iron Ore continues to show resilience ahead of the Chinese construction season.
  • Many local governments are slowing spending due to financial strains, central government investment on infrastructure like railways is growing more rapidly. Spending growth on railways is running at 25% year-on-year in the first seven months of 2023, more here.
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