Market Verdict on Iron Ore：
• Neutral.
Macro：
• China Jan-Feb industrial net income above designated scale reached 887.21 billion yuan, down 22.9% on the year
• U.S. Insurance company FDIC said that First Citizens Bank & Trust Co. would take over all deposits and loans from Silicon Valley Bank (SVB), which may ease the market sentiment following the recent bank-run.
Iron Ore Key Indicators:
• Platts62 $121.65, +0.55, MTD $127.28. The resilient spot and forward demand on the downstream support physical market given a weak futures market last week. As previous expected, market gained support above $115-120 level. Previously, market participants showed strong fixed buying interest on such levels. PBF float premium based on May was $1.35.
SGX Iron Ore 62% Futures& Options Open Interest (Mar 27th)
• Futures 108,100,900 tons(Decrease 882,200 tons)
• Options 109,541,600 tons(Increase 614,500 tons)
Steel Key Indicators：
• China pig iron and crude steel output over March 1- 20th were up 1% and 3.6% respectively at 2.387 million mt and 2.678 million mt compare to same period in February.
Coal Indicators：
• Australia FOB market saw correction by seeing softened offers and less bids on the market. Secondary quality coals are surplus on this market.
