Ferrous Market Updates
- ​MySteel Rebar Inventory: Rebar production 4.01 million tonnes, up 0.11% w-o-w. Mills inventory 3.44 million tonnes, up 7.12% w-o-w. Circulation inventory 7.97 million tonnes, up 3.83% w-o-w.
- Mysteel 64 mills import sintering iron ore inventories at 16.79 million tonnes. Import iron ore turnover in 24 days.
- Southeast Asian steel and iron institute indicated the year 2020 six south eastern Asian countries steel consumption down 2.1% y-o-y to 79.30 million tonnes. This decrease is majorly contributed by Philippine, Malaysia, and Thailand.
SGX Iron Ore 62% Futures& Options Open Interest(Jul 1st)
– Futures 59,703,800 tonnes(increase 1,025,800 tonnes)
– Options 92,275,600 tonnes(increase 215,000 tonnes)
Verdict
– Short-term neutral.
