Verdict:
• Short-run Neutral to Bullish.
Macro:
• The US Energy Information Agency (EIA) has lowered its global oil demand growth forecast for 2024 by 480,000 barrels per day to 950,000 barrels per day. The institution has also lowered its forecast for oil demand growth in 2025 by 30,000 barrels per day to 1.35 million barrels per day.
Iron Ore Key Indicators:
• Platts62 $107.55, +3.10, MTD $101.83. The market was active yesterday, seeing four laycans of concentrates from seaborne traded in both float and fixed basis, including MACF, NHGF and PBF. MACF was still the major role yesterday. The structure tight strengthened the demand and price of MACF, however the rest demand of concentrate remain cautious in general. The recovery of steel margin effectively spurred the production in last two weeks.
SGX Iron Ore 62% Futures& Options Open Interest (Apr 9th)
• Futures 113,210,500 tons(Increase 320,900 tons)
• Options 120,338,800 tons(Increase 1,856,000 tons)
Steel Key Indicators:
• Although steel price corrected in general in Asia FOB market last week, China saw a $15 growth on HRC SS400 FOB Tianjin, supported by strong recovery in domestic market.
Coal Indicators:
• The steel mills in China Hebei cut physical price of coke for the eighth rounds by 100-110 yuan/ton, total down 800-880 yuan for the last eight rounds.