Market Verdict on Iron Ore：
· Neutral.
Macro
· U.S. Markit Manufacturing PMI September 60.5, last 61.1.
· Concrete on housing utilization rate slumped compared to the year 2020 in China, since several default on housing companies. The 500 sample concrete companies utilization rate at 19.39%, down 6.39% y-o-y.
Iron Ore Key Indicators:
· Platts 62%: $108.90 (+1.35) MTD $121.06.
· India Fiscal Year 2021 expected iron ore production up 30-35%, since previous Orissa miners started to operate. Moreover, India planned a new round of iron ore miner auction.
· MySteel 45 ports iron ore inventories at 128.57 million tonnes, down 1.185 million tonnes w-o-w. Daily evacuation 2.818 million tonnes, up 75,700 tonnes w-o-w. Australia iron ore 62.73 million tonnes, down 1.42 million tonnes w-o-w. Brazil iron ore 40.62 million tonnes, up 414,000 tonnes w-o-w. 194 ships at ports, up 17.
· Mysteel researched 247 blast furnace operation rate at 69.92%, down 1.95% w-o-w. Utilisation rate 82.06%, down 1.68% w-o-w. Daily pig iron production 2.18 million tonnes, up 44,800 tonnes.
SGX Iron Ore 62% Futures& Options Open Interest (Sep 23rd)
· Futures 81,274,200 tonnes(Increase 188,700 tonnes)
· Options 93,604,500 tonnes(Increase 1,155,000 tonnes)
Steel Key Indicators
· 64 sample steel mills concentrates inventories at 14.95 million tones, with 26 useable days on import iron ore.
