Market Verdict on Iron Ore：
· Iron ore neutral.
Macro Market:
· Suez Canal Admission: Ever Given in Suez Canal successfully float, however no more details on the recover date of the Canal.
· U.S. president Biden planned to announce a statement related to infrastructure investment and green energy plan.
Iron Ore Key Indicators:
· Platts assessed the 62% Fe Iron Ore Index at $161.45/dry mt CFR North China on March 26, up $1.25/dmt from March 25. The wide April- May structure has favored a may based index plus a high premium. Shandong PBF in morning session offer up 15 yuan/tonne at 1130 yuan compared with the trade at last Friday.
· TS billet up 60 yuan/tonne over weekends. However billet trades were very light over Monday morning.
SGX Iron Ore 62% Futures& Options Open Interest (Mar 26th)
· Futures 90,803,900 tonnes(Increase 1,194,000 tonnes)
· Options 61,873,900tonnes(Increase 390,000 tonnes)
Steel Key Indicators
· China cement price increased significantly. Shanghai and surrounding areas up 100 yuan/tonne(total up 4 rounds). Zhujiang area up 60 yuan/tonne.
· MySteel 71 EAFs utilisation rate at 70.09% last week, up 1.23% w-o-w, up 34.48% y-o-y.
· Steelbank construction steels inventory 9.7 million tonnes, down 2.6% w-o-w. HRC inventories 2.62 million tonnes, down 7.23% w-o-w.
