Market Verdict on Iron Ore：
• Neutral.
Macro：
• After implementing the quantitative easing policy for nearly 10 years, the European Central Bank has accumulated 5 trillion euros (about $5.31 trillion) of bonds. At present, the ECB will begin to remove these bonds from its balance sheet at an average rate of 15 billion euros per month.
Iron Ore Key Indicators：
• Platts62 $126.80, +2.70, MTD $126.80. The seaborne market returned to active again following the fast pick up on paper market. Low grade and discounted cargoes regain popularity after the steel mills margin squeezed. Thus, high cost mid-grade and high grade demand remain limited.
SGX Iron Ore 62% Futures& Options Open Interest (Mar 1st)
• Futures 94,705,700 tons(Increase 350,700 tons)
• Options 74,246,600 tons(Increase 846,500 tons)
Steel Key Indicators：
• China MIIT set a new goal for 2023 scrap steel consumption by 265 million tons.
• Tangshan average billet cost 3919 yuan/ton, down 34 yuan/ton. Average gains at 1 yuan/ton, up 24 yuan/ton on the week.
Coal Indicators：
• International trader indicated that there are 6-7 laycans of cargoes demand from end-users in Asia and Europe. Arcelor Mittal tender was awarded to Trafigura at high level at $362.
