Market Verdict on Iron Ore：
• Neutral.
Macro：
• The Federal Reserve stated in its Beige Book that in recent weeks, the US economy has stagnated, recruitment and inflation have slowed, and credit channels have narrowed. The US Republican Party proposes to raise the debt ceiling by $1.5 trillion or extend it until March 31 next year.
Iron Ore Key Indicators:
• Platts62 $120.70, +0.25, MTD $120.41. The seaborne and ports of China both saw pockets of trades yesterday, with major enquiries centered around mid-grade fines. PBF regained popularity in particular during this week, which saw a June Index + $2.9 trade for a full laycan of 170,000mt deal yesterday. The premium used to 2.65 two days ago. However the arrival of this trade fell out of 2-8 week assessment window, which should have limited impact on index.
• Rio Tinto iron ore production 79.30 million tons in Q1, down 11% from last Q4, up 11% on the year. Delivery at 82.5 million tons, down 6% from last Q4, up 16% on the year.
SGX Iron Ore 62% Futures& Options Open Interest (Apr 19th)
• Futures 97,686,100 tons(Increase 537,600 tons)
• Options 106,101,500 tons(Increase 415,000 tons)
Steel Key Indicators：
• Tangshan sample steel mills average billet cost 3792 yuan/ton, down 16 yuan/ton. Average production loss at 52 yuan/ton.
Coal Indicators：
• The seaborne coal price continue to fall as ample supply in front month cargoes. There is a 40,000mt PMV from Goonyella traded at $261/mt.
