Verdict:
• Short-run Neutral.
Macro:
• The US New Home Sales Administration annualized 675,000 new houses sold, with an expected 700,000 houses, last 739,000 houses, the data had dropped to the lowest level since May.
Iron Ore Key Indicators:
• Platts62 $117.40, -1.40, MTD $121.06. The negative steel margin lowered the demand for premium cargoes including NHGF and PBF. Stocking for China holidays in next week approached an end. The pig iron consumption expected to decrease in late September.
SGX Iron Ore 62% Futures& Options Open Interest (Sep 26th)
• Futures 142,181,200 tons(Increase 1,084,500 tons)
• Options 136,414,800 tons(Increase 910,700 tons)
Steel Key Indicators:
• MySteel estimated average pig iron production per day at 2.484 million tons/ton, up 1.3% on the month. Pig iron total up 35.53 million tons, up 5.73% on the year.
Coal Indicators:
• The Mongolia ports to export coals temporarily closed from next week because of China golden week.
