Market Verdict on Iron Ore：
• Neutral.
Macro：
• China January CPI up 2.1% on the year, lower than expected 2.3%, up 0.8% on the month, refreshed new high since January in 2021. China January PPI down 0.8% on the year, down 0.4% on the month.
Iron Ore Key Indicators:
• Platts62 $126.10, +0.60, MTD $124.79. The continuous rebound on iron ore index and the low premium in PBF and NMHG lured the traders’ interest on premium cargoes. The low MB65- P62 was due to low steel mills margin, given a tight supply of Brazil iron ores. RecentlyBHP sold few laycans of JMBF at IODEX March Index and a discount of $4.9. PBF and NHGF premium have pressure on float basis. The import loss caused by sudden increased iron ore could hold back the physical traders interest again.
SGX Iron Ore 62% Futures& Options Open Interest (Feb 10th)
•Futures 104,068,900 tons(Increase 707,300 tons)
• Options 79,479,300 tons(Increase 512,500 tons)
Steel Key Indicators：
• Tangshan average billet cost 3010 yuan/ton, average loss 114 yuan/ton, up 62 yuan/ton.
Coal Indicators：
• The FOB Australia coking coal market maintained growth, seeing HCCA Branded bids at $380/mt. Some End-users from India was worried about the moist issues on coking coal because of the long laycan time.
