Ferrous Market
– Ganggu Construction Steel Inventory: production 5.27 million tonnes, down 19,300 tonnes w-o-w. Mills inventory 4.41 million tonnes, up 247,600 tonnes w-o-w. Circulation inventory 5.67 million tonnes, down 289,700 tonnes w-o-w.- MySteel import sintered iron ore inventories reached 17.38 million tonnes. Import iron ore turnover in 27 days.- MySteel Rebar Inventory: Rebar production 3.49 million tonnes, down 1.83% w-o-w. Mills inventory 2.395 million tonnes, down 2.11% w-o-w. Circulation inventory 3.72 million tonnes, down 5.99% w-o-w.
Macro
– China National Development Reform Committee: November above scale industry electric generation up 6.8% y-o-y, up 2.2% from October.- U.S. Federal maintained 0-0.25%, same as expectation. Federal estimate U.S. GDP reach -2.4% for the year 2020. September estimation -3.7%.
SGX Iron Ore 62% Futures& Options Open Interest(Dec 16th)
– Futures 74,640,200 tonnes(increase 844,500 tonnes)
– Options 65,022,400 tonnes(increase 1,882,500 tonnes)
Verdict
– Short-term neutral