Verdict:
• Short-run Neutral.
Macro:
• US jobless claims during past week reached 243,000, est. 230,000, last 223,000.
Iron Ore Key Indicators:
• Platts62 $105.30, +0.35, MTD $108.91. China 45 ports iron ore inventories at 151.31 million tons, up 1.42 million tons on the week, up 25.90 million tons on the year. Daily evaluations at 3.0972 million tons, down 1,600 tons on the week, down 41,300 tons on the year. Australian source iron ore inventories at 71.08 million tons, up 955,800 tons on the week, up 13.84 million tons on the year. Brazil source iron ore inventories at 49.25 million tons, up 1.19 million tons, on the week, up 5.34 million tons on the year.
SGX Iron Ore 62% Futures& Options Open Interest (Jul 18th)
• Futures 109,706,200 tons(Increase 927,000 tons)
• Options 158,136,000 tons(Increase 753,900 tons)
Steel Key Indicators:
• China Customs: China total export 5.82 million tons of flat steels, up 25.9% on the year. China total exported 36.45 million tons of flat steels in H1 2024, up 31.2% on the year.
Coal Indicators:
• The FOB coking coal market remained on downward trajectory because of oversupply in front laycans. There was 40,000mt PMV traded at $242/mt yesterday.
