October 09, 2023 21:48 GMT
Lowest Since Late August
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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 .