Market Verdict on Iron Ore：
• Neutral.
Macro
• The China Ministry of Ecological Environment squashed the rumors that enterprises shut down in a large area during the Beijing Winter Olympic Games.
Iron Ore Key Indicators:
• Platts62 $123.75, +1.15, MTD $110.47. Seaborne mainstream iron ore trades were weak as market was rather positive on Q2 next year compared to front months. From November 18th, SGX iron ore Jan rebounded 48.78%, DCE may rebounded 32.6% according to settlement price. The difference was because China port stocks increased massively which meant more cheaper deliverable sources available on markets. However for seaborne iron ore, Australia and Brazil deliver in December were at a seasonal low area. As a result the benchmark of the two iron ore contracts started to separate again.
• MySteel 45 ports iron ore inventories at 155.13 million tonnes, down 1.84 million tonnes w-o-w. Daily evacuation 2.98 million tonnes, up 120,900 tonnes w-o-w. Australia iron ore 71.24 million tonnes, down 1.71 million tonnes w-o-w. Brazil iron ore 55.47 million tonnes, down 542,700 tonnes w-o-w. 142 ships at ports, down 7.
SGX Iron Ore 62% Futures& Options Open Interest (Dec 23rd)
• Futures 94,863,80 tonnes(Increase 69,800 tonnes)
• Options 64,165,500 tonnes(Increase 912,500 tonnes)
Steel Key Indicators
• 18 sample China EAFs average construction steel cost 45777 yuan/tonne, up 76 yuan/tonne w-o-w. Average steel marign 77 yuan/tonne, down 41 yuan/tonne.
• 100NJZ tracked the delivery of China domestic concrete enterprises. In the week from Dec 15-22nd, the concrete delivery from 506 domestic enterprises still indicate a downward trend. During the statistical period, the average capacity utilization rate of concrete was 19.18%, down 5.1% w-o-w , down 25.89% y-o-y.
Coal Indicators
• China Shanxi started a new round of safety inspection lasting three months to thoroughly eliminate safety risk in coal mines. 
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