SGX Iron Ore Monthly Report – February 2016

• SGX iron ore derivative volumes totaled 123.4 mil mt in February, while open interest averaged 182.4 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 $46.33 per tonne in February, up 12.5% from January (and down 26.0% y/y). A combination of lower seaborne supply and restocking around Chinese New Year drove prices above $50 per tonne for the first time since October 2015.
  
  
• China’s manufacturing PMI data was weaker than expected in February, and the central government has taken a number of measures in recent weeks to support near-term growth, boost liquidity in the financial system and restore confidence. Attention will now shift to the National People’s Congress meetings for indications on the likely balance between supporting short-term growth and implementing long-term reforms.

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