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IRON ORE: Tracking Lower Into Year End, But Dips Sub $100/ton Supported

IRON ORE
Metals bulletBulletCommodities

The active iron ore contract in Singapore been supported so far sub $100/ton, but has spent the last few weeks tracking lower as we approach 2025. We were last $100.50/ton, down around 0.80% for the session. 

  • A clean break sub $100/ton could see mid Nov lows near $95/ton targeted, while on the topside, recent Dec highs were at $107/ton.
  • Onshore steel prices are showing a little more resilience so far today. Hot rolled coil and steel rebar are still near recent lows though. Iron ore inventories at China ports sit off cycle highs, but a downtrend is proving elusive at this stage.
  • Our onshore policy team noted late yesterday that China steel; demand is expected to fall next year, with the housing market still facing headwinds (see this link).
  • China equities are up today, but the aggregate indices remain within recent ranges. Property sub indices continue to struggle though, the CSI 300 real estate index now back to late Sep levels.
  • Iron ore weakness is in line with copper softness, with the base metal tracking lower in recent weeks well. 
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The active iron ore contract in Singapore been supported so far sub $100/ton, but has spent the last few weeks tracking lower as we approach 2025. We were last $100.50/ton, down around 0.80% for the session. 

  • A clean break sub $100/ton could see mid Nov lows near $95/ton targeted, while on the topside, recent Dec highs were at $107/ton.
  • Onshore steel prices are showing a little more resilience so far today. Hot rolled coil and steel rebar are still near recent lows though. Iron ore inventories at China ports sit off cycle highs, but a downtrend is proving elusive at this stage.
  • Our onshore policy team noted late yesterday that China steel; demand is expected to fall next year, with the housing market still facing headwinds (see this link).
  • China equities are up today, but the aggregate indices remain within recent ranges. Property sub indices continue to struggle though, the CSI 300 real estate index now back to late Sep levels.
  • Iron ore weakness is in line with copper softness, with the base metal tracking lower in recent weeks well.