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Recovery Continues, Futures Highest Since Late April

IRON ORE

SGX Iron Ore futures registered their 7th consecutive daily gain on Thursday rising ~2.2%, the rally has extended in early dealing on Friday and we sit at $111.40/tonne.

  • The contract is now ~22% above the low registered on 26 May, however we still remain a touch lower year to date.
  • A cut in deposit rates from some of China's largest banks yesterdays aided the bid, as did the lingering impact of reported measures to support the property market.
  • Steel stockpiles at Chinese Steel Mills are at their lowest since January, more here.

Fig 1: SGX Iron Ore

Source: MNI/Bloomberg

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