Ferrous Market
– China Iron ore 45 port arrivals(Nov 23-29th) at 22.05 million tonnes, down 1.02 million tonnes w-o-w. Northern six port arrivals at 10.96 million tonnes, down 938,000 million tonnes w-o-w.
– Mysteel researched Nov 30- Dec 6th Australia iron ore port maintainance impact iron ore delivery arround 1.001 million tonnes.
– Ganggu Construction Steel Inventory: production 5.30 million tonnes, down 12,600 tonnes w-o-w. Mills inventory 3.78 million tonnes, up 404,200 tonnes w-o-w. Circulation inventory 6.26 million tonnes, down 442,700 tonnes w-o-w.
Macro
– China mid and eastern areas started rainny weather. North-west and western areas started snowy weather.
– Moderna tested vaccines are effective to 94.1% patients, and expected to treat 100% on critical patients. Moderna expected to apply approvements from U.S. and European countries. At the same time, Phzer also announced would launch vaccines in U.S. next month.
SGX Iron Ore 62% Futures& Options Open Interest(Dec 1st)
– Futures 62,021,800 tonnes(increase 1,477,900 tonnes)
– Options 53,940,900 tonnes(increase 250,000 tonnes)
Verdict
– Short-term neutral