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Pressured On Monday As Demand Concerns Weigh

IRON ORE

SGX Iron Ore fell ~2.5% on Monday, breaching the $130/tonne handle, as demand-side concerns weighed on the space.

  • The January contract finished dealing at $127.90/tonne, ~4.5% below the cycle highs seen in late November.
  • Participants have noted they are not seeing any uptick in demand, as wintry conditions slow business projects (BBG).
  • Iron Ore Inventories at ports expanded for a second consecutive week and shipments from Brazil rose in November compared to a year earlier.
  • A key policy meeting of Chinese leaders is expected in coming weeks and more details on monetary, fiscal and industrial policies for 2024 is expected (BBG).
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SGX Iron Ore fell ~2.5% on Monday, breaching the $130/tonne handle, as demand-side concerns weighed on the space.

  • The January contract finished dealing at $127.90/tonne, ~4.5% below the cycle highs seen in late November.
  • Participants have noted they are not seeing any uptick in demand, as wintry conditions slow business projects (BBG).
  • Iron Ore Inventories at ports expanded for a second consecutive week and shipments from Brazil rose in November compared to a year earlier.
  • A key policy meeting of Chinese leaders is expected in coming weeks and more details on monetary, fiscal and industrial policies for 2024 is expected (BBG).