Singapore Exchange futures for 62% Fe iron ore delivered to China opened at $97.85 per tonne this morning. Traders had pushed prices near $99.15 the previous session as they weighed fresh demand signals against bloated port stocks.
Port inventories remain elevated at 138 million tonnes while mill holdings fell to 28 days’ consumption from 35 days in March. Overnight selling emerged after softer Chinese PMI readings and shrinking steel margins dimmed risk appetite.
Asian spot bids slipped, mirroring commodity equities’ retreat on concerns over a prolonged property-sector slump. Meanwhile, Pilbara shipments held near 16.5 million tonnes per week and Brazilian exports continued without major disruption, keeping supply steady.
Fundamentals show China’s real estate investment down 10.1% year-on-year through September and new construction starts off 22.2%. Rising output from Australia, Brazil and the coming Simandou project could swell imports toward record highs in 2025.
Yet mills remain cautious as they balance these inflows with ample port stock. Technically, prices dipped below the 50-hour and 200-hour moving averages of about $98.50 and $99.20, testing support at $95.40.
The hourly RSI nears oversold territory around 35 and the MACD has turned negative, signaling growing bearish momentum. Open interest stood at 277,590 contracts on May 7, reflecting muted market engagement ahead of key Chinese data.
ETF flows remained minimal, underscoring passive investors’ neutral stance. “A lack of buying urgency in China is keeping prices range-bound,” an SGX trader said, warning a break below $95.40 could drive futures toward $89.30.
Looking ahead, markets await fresh Chinese manufacturing and property indicators. Unless data surprises to the upside, traders expect iron ore to trade within $95.40–$100.00, with negative headlines likely to prompt sharp sell-offs.
Live Market IntelligenceCommodities — Live Market Board
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Commodities — Live Market Board
-0.03%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 4,461 | +1.78% | +33.20% | 4,383 | 4,503 | 4,421 | 139,824 |
| SILVER | 65.59 | +1.26% | +73.05% | 64.77 | 66.98 | 64.81 | 46,406 |
| BRENT | 88.88 | -0.03% | +34.42% | 88.91 | 90.07 | 88.12 | 29,713 |
| WTI | 83.11 | -0.11% | +31.57% | 83.20 | 84.35 | 82.40 | 166,848 |
| COPPER | 6.61 | +0.03% | +46.70% | 6.61 | 6.71 | 6.61 | 39,543 |
| LITHIUM | 75.20 | +1.47% | +62.95% | 74.11 | 75.80 | 75.08 | 89,275 |
| IRON ORE | 161.91 | — | +58.10% | 161.91 | 161.91 | 1 | |
| SOY | 1,184 | +3.20% | +17.05% | 1,148 | 1,199 | 1,168 | 163,179 |
| CORN | 480.50 | +10.02% | +29.34% | 436.75 | 480.75 | 459.50 | 341,248 |
| WHEAT | 655.00 | +3.93% | +29.70% | 630.25 | 657.75 | 631.50 | 128,793 |
| COFFEE | 317.25 | -5.51% | +0.67% | 335.75 | 321.20 | 313.55 | 21,747 |
| SUGAR | 16.43 | -1.79% | -3.01% | 16.73 | 17.11 | 16.22 | 171,992 |
| COCOA | 5,719 | +3.18% | -34.96% | 5,543 | 5,779 | 5,574 | 26,773 |
| ORANGE JUICE | 138.55 | -0.47% | -45.38% | 139.20 | 141.05 | 137.50 | 703 |
| COTTON | 85.03 | +2.33% | +26.78% | 83.09 | 82.90 | 81.96 | 16,546 |
| BEEF | 223.60 | -3.93% | -5.18% | 232.75 | 226.40 | 223.00 | 16,126 |
| CATTLE | 339.10 | -3.16% | -1.82% | 350.17 | 345.50 | 338.60 | 10,164 |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
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