Verdict:
• Short-run Neutral.
Macro:
• US Federal Reserve policymakers were in positions to proceed carefully on future interest rates move and base any further tightening on progress.
• China Ecological and Environmental protection supervision in the third round has been fully launched, several teams were established to conduct one -month pollution supervision work in Fujian, Henan, Hainan, Gansu, and Qinghai provinces.
Iron Ore Key Indicators:
• Platts62 $133.95, +2.05, MTD $129.13. MACF saw two 90,000mt trades both at $132/mt, up $2 from previous day. There were four laycans of MACF traded during past two days. PBF traded at Jan IODEX+ $2.8, however fell out of assessment window.
SGX Iron Ore 62% Futures& Options Open Interest (Nov 21st)
• Futures 131,064,300 tons(Increase 984,600 tons)
• Options 116,916,100 tons(Increase 2,716,500 tons)
Steel Key Indicators:
• Shagang Group increased rebar and wire rods price by 200 yuan to 4200 yuan/ton and 4380 yuan/ton respectively.
Coal Indicators:
• The market was still quiet and waiting for Indian buyers entrance to the market after holiday. There were amply traders holding December laycans of PMVs and PLVs.
