Singapore iron ore futures saw little movement on Thursday as investors considered China’s latest economic figures alongside robust export data from Brazil. The active contract on the Singapore Exchange edged up 0.2 per cent to $US101.95 per tonne in afternoon trade. This comes as China’s export growth unexpectedly accelerated in July, potentially indicating sustained global demand as a key factor in the nation’s economic performance.
In related news, Bloomberg reported a year-on-year increase in iron ore exports from Brazil last month. This signals increased seaborne supply entering the market, adding a further layer of complexity to the current market dynamics. The balance between Chinese demand and Brazilian supply appears to be a key factor influencing price stability.
Among major Australian miners, performance was mixed. BHP showed a slight gain, rising 0.2 per cent to $39.97. However, Rio Tinto experienced a decline of 0.3 per cent, while Fortescue Metals Group fell by 0.4 per cent as of 2.35pm AEST. These movements reflect the ongoing uncertainty and cautious sentiment prevailing in the iron ore market, influenced by global economic indicators and supply-side developments.
