Strong underlying support for swaps on a day devoid of tenders

A Singapore holiday put paid to any physical iron ore business on October 15, according to the daily report from shipbrokers Simpson, Spence and Young (SSY).

"Swaps witnessed some strong underlying support for most of the day with the front months and first three quarters of the curve well bid, flattening the curve further. However, the afternoon session was thin and drifted before some late trades on October and November," the report reads.

After clearing 530,000t at the Singapore stock exchange, prices for October traded in the US$132.75-133.00/t range. Prices for November shipments reached their highest mark at US$131.75, SSY said.

SHFE rebar closed at 3,606 renminbi, SSY said.

The TSI 62%-Fe iron ore benchmark remained stable at US$133.60/t on Tuesday.