September 13, 2023 21:50 GMT
Recent Gains Consolidated On Wednesday
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SGX Iron Ore consolidated its gains seen since mid-August yesterday, ranges were relatively narrow and the October contract printed a fresh month to date high.
- Dealing finished at $118.95/tonne, the contract was little changed from opening levels yesterday. We now sit ~22% above levels seen in mid-August.
- The space looked through falling home sales in Beijing last weekend, which came 2 weeks after authorities eased mortgage restrictions. Lingering impact of heightened demand during the Chinese construction session continues to support Iron Ore markets.