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Slips, 200-day MA Not Too Far Away, Steel PMI Fell In Feb

IRON ORE

The active SGX iron ore futures contract has unwound a proportion of yesterday's bounce. We are back to $114/ton. Yesterday's lows sub $114/ton, remain intact for now, but we couldn't sustain earlier highs above $118/ton.

  • Sentiment remains downbeat given on-going China headwinds, while reduced property curbs in Hong Kong's budget have done little to shift sentiment positively at this stage.
  • The simple 200-day MA is not too far, close to $113/ton. We haven't tested downside support at this level since Oct last year.
  • SMM note that the steel PMI fell in Feb due to the LNY timing (see this link). Bad weather has been a factor limiting activity since. Still, there is concern around the demand outlook as we move into the spring period, which is typically peak construction for China.
  • We get official PMI readings for Feb this Friday for both the manufacturing and services side.
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