- SGX iron ore derivative volumes totaled 111.8 mil mt in October, while open interest averaged 154.4 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 $58.00 per tonne in October, up 2.4% from September (and up 10.0% y/y). Spot prices continued to trend higher post-Golden Week, supported by high steel output, mill restocking and low steel inventory. Coking coal’s inexorable price rally continued on supply tightness and strong demand, with spot prices once again diverging materially from the quarterly benchmark.
- Chinese manufacturing PMI beat expectations in October with both the official and Caixin PMI comfortably in expansionary territory. An array of property market curbs were rolled out in early October, though recently strong mortgage lending may remain supportive in the near-term. A sharp credit clampdown appears relatively unlikely in light of current macroeconomic uncertainties globally.
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