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To Multi-Week Lows Amid Higher Than Usual Inventories For Q2

IRON ORE

The active SGX iron ore contract is back to fresh lows from the first half of April, tracking near $104.30/ton in recent dealings. Recall lows from that period were around $94.55/ton, recorded on the 1st of April.

  • Familiar factors appear to be weighing. Inventory levels ticked higher at the end of last week in terms iron ore at China ports. We are now back to April 2022 levels from an inventory standpoint.
  • The norm is for iron ore inventories to usually fall through the course of Q2 in China. So far, we have seen the opposite unfold in 2024, which points to a less supportive onshore demand backdrop.
  • Elsewhere we have seen further weakness in some China property related indices today as onshore markets return from the long weekend, another negative at the margin. Copper prices have also failed to show much upside momentum following the recent correction.
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