SGX iron ore derivative volumes totaled 118.8 mil mt in July, while open interest averaged 186.7 mil mt during the month. Our suite of ferrous products provides market participants with a wide range of trading strategies and risk management solutions.
62% Fe spot iron ore averaged $56.61 per tonne in July, up 10.2% from June (and up 9.8% y/y), with temporary output restrictions, regional flooding and low finished steel inventory driving both iron ore and steel prices higher.
Chinese manufacturing data was mixed in July, with the official PMI trending lower while the Caixin PMI spiked to its highest level in 18 months. The property and infrastructure markets are likely to remain relatively supportive of steel demand, though large-scale Chinese stimulus appears unlikely in the near-term.
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