Verdict:
• Short-run Neutral.
Macro:
• China April loan prime rate for 1-year length at 3.45%, unchanged from March. 5-year length loan prime rate at 3.95% unchanged from March.
Iron Ore Key Indicators:
•Platts62 $116.85, -0.65, MTD $108.38.
•During past week, Australia and Brazil total shipped 24.56 million tons, up 5.365 million tons on the week.
•China iron ore arrivals at 45 ports at 23.89 million tonnes, down 1.396 million tonnes on the week. The arrivals of six northern ports in China reached 11.50 million tonnes, down 748,000 tonnes on the week.
SGX Iron Ore 62% Futures& Options Open Interest (Apr 19th)
• Futures 118,740,200 tons(Increase 604,300 tons)
• Options 139,312,900 tons(Increase 3,265,000 tons)
Steel Key Indicators:
• China 40 EAFs average construction steel cost at 3797 yuan/ton, up 8 yuan/ton on the week, average loss at 64 yuan/ton.
Coal Indicators:
• China physical coke started the second round of rebound, total up 200-220 yuan/ton for the two rounds, after an 800-880 yuan/ton correction from February to early April.
