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IRON ORE

SGX Iron Ore Futures were pressured on Monday extending falls seen during China's Golden week.

  • The November contract fell ~4% yesterday and finished ~7% below the high from 2 Oct closing at $110.50/tonne.
  • China Home Sales fell ~17% during the Golden Week Holiday compared with a year prior with the tepid data scoring continuing fragility in the property sector. More here.
  • Rio Tinto, the world's second largest Iron Ore producer, left its shipping guidance for 2023 unchanged, but noted that the shipments will include 45-50mn tonnes of lower grade Iron Ore. More here.

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