Singapore Exchange benchmark October iron ore futures rose 0.64% to $96.65/tonne
on Wednesday. ANZ analysts said prices have steadied after last week’s sharp
fall and that Brazil supply disruptions linked to El Nifio, together with
seasonal demand ahead of China’s October Golden Week, are providing short-term
support. BMI analysts warned elevated coking-coal prices continue to squeeze
steel margins, leaving steelmaker profitability weak and capping upside for iron
ore.
