Market Verdict on Iron Ore：
· Neutral.
Macro
· The U.S. Taper has no essential relations to interest rate increase, since Taper was focusing on less purchase on T-bonds. Some macro analysts believed that the interest rate potentially start in the Q4 of the year 2022.
· China NDRC: Encouraging the China domestic iron ore projects exploring and increase the domestic supply.
Iron Ore Key Indicators:
· No Platts Index on Thursday due to Singapore holiday.
· MySteel 64 sample steel mills total sintered iron ores inventories at 15.11 million tones. Import iron ore useable days at 28 days.
· Brazil miner CSN Q3 iron ore total production at 10.31 million tones, down 2.5% from Q2, up 6.7% y-o-y. Q3 iron ore total sales at 8.18 million tones, down 10.2% from last quarter, down 10.7% y-o-y.
· MySteel 45 ports iron ore inventories at 127.63 million tonnes, up 3.48 million tonnes w-o-w. Daily evacuation 3.13 million tonnes, up47,700 tonnes w-o-w. Australia iron ore 60.30 million tonnes, up1.72 million tonnes w-o-w. Brazil iron ore 39.39 million tonnes, up 2.39 million tonnes w-o-w. 165 ships at ports, up 3.
· MySteel 45 ports iron ore inventories at 147.04 million tonnes, up 2.12 million tonnes w-o-w. Daily evacuation 2.84 million tonnes, down 56,000 tonnes w-o-w. Australia iron ore 70.57 million tonnes, up 1.26 million tonnes w-o-w. Brazil iron ore 49.77 million tonnes, up 1.22 million tonnes w-o-w. 178 ships at ports, down 12.
SGX Iron Ore 62% Futures& Options Open Interest (Nov 4th)
· Futures 65,111,400 tonnes(Increase 839,500 tonnes)
· Options 62,674,500 tonnes(Increase 310,000 tonnes)
Steel Key Indicators
· China northern steel sold to southern areas in winter started to grow significantly. November North-eastern China rebar planned sales at 1.115 million tones, up 23,000 tonnes y-o-y, up 452,000 w-o-w.
Coal Indicators
· China coal inventories at power plants reached 112 million tons, with 20 useable days, which returned to the normal level historically. 