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Paring Recent Gains

IRON ORE

SGX Iron Ore futures continued to pare some of the recent gains falling ~0.6% on Tuesday.

  • The October contract finished dealing at $121.00/tonne, we sit ~3% off the August highs printed late last week.
  • Rio Tinto, the 2nd largest Iron Ore producer, believes Chinese consumption of steel is close to topping out, with demand next year likely to be similar to 2023. More here.

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