September 07, 2023 21:45 GMT
Pressured On Thursday
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SGX Iron Ore Future pared recent gains on Thursday falling ~2.4% from peak to trough, the October contract finished dealing at $112.95/tonne.
- Demand concerns resurfaced as Chinese Steel mills are not seeing a significant pick up in demand, even as building activity is due to pick up in China as the autumn construction season begins.
- The US and European Union are working on an agreement that would introduce new tariffs aimed at excess steel production from China and other countries. More here.
- The NDRC and Chinese regulators told futures companies in a recent meeting not to deliberately exaggerate the atmosphere of iron ore price rallies and to analyse the market objectively. More here.