November 19, 2023 22:20 GMT
Recent Gains Trimmed, Steel Output Increases
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SGX Iron Ore futures trimmed recent gains on Friday as ranges remained relatively narrow.
- The December contract sits at $129.15/tonne, ~1.6% below Friday's cycle high, however we remain comfortably above November's opening levels and ~35% above August lows.
- Major Chinese producers increased crude steel output in early November by 2.4% from late October (China Iron and Steel Association). Inventory levels rose 6.67% to 14.7m metric tons in early November.
- The space was supported last week as China is reportedly planning to provide 1tn Yuan of financing to the nation’s urban village renovation and affordable housing programs (BBG).