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November Gains Consolidate On Monday

IRON ORE

SGX Iron Ore Futures consolidated November’s gains on Monday, the December contract continued to hold above the $130/tonne handle and ranges were relatively narrow for the most part.

  • The contract finished at $131.80, little changed from opening levels. We sit an impressive 11% above November's opening levels and ~2.5% off recent cycle highs.
  • China's NDRC's move on Friday to seek measures against hoarding has not yet weighed on the space as the government's 1tn Yuan debt issuance last month continues to support Iron Ore.
  • Goldman Sachs noted yesterday it no longer expects a surplus of the metal in 2024 with a more balanced market expected (BBG). The bank also noted steel production has outperformed due to a lack of expected policy cuts and there has been tighter supply from Australia and Brazil.
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