SGX Iron Ore futures printed their highest level since early August before marginally paring gains on Monday.

• The September contract finished at $107.90/tonne, the contract had briefly firmed above the $108 handle printing a 3-week high at $108.60/tonne. We sit ~8% above August lows.
• Bloomberg has reported that elevated crude steel production is being driven by regional governments holding back on output curbs to support the economy. More here.

Fig 1: SGX Iron Ore Futures