September 21, 2023 21:36 GMT
Pressured On Thursday
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SGX Iron Ore futures were pressured on Thursday falling ~4%, the largest daily fall since May.
- The October contract finished dealing at $117.00/tonne, the lowest level for the metal since 11 Sep.
- Long term demand challenges weighed on the space yesterday, weak demand from the construction sector in China as steel consumption has not rebounded despite supportive measures in the Chinese economy. More here.
- Carry over from Wednesday's hawkish FOMC hold also weighed on the wider commodities space adding to the pressure on Iron Ore futures.