Verdict:
• Short-run Neutral.
Macro:
• Eurozone Manufacturing May PMI at 47.3, est. 47.4, last 47.4.
Iron Ore Key Indicators:
• Platts62 $109.65, -5.60, MTD $109.65. During the past week, Australia and Brazil total delivery reached 26.29 million tons, down 1.21 million tons on the week. The total arrival of Australia and Brazil reached 23.27 million tons, down 1.987 million tons on the week.
SGX Iron Ore 62% Futures& Options Open Interest (Jun 3rd)
• Futures 113,383,300 tons(Increase 798,300 tons)
• Options 153,639,700 tons(Increase 2,500,000 tons)
Steel Key Indicators:
• The overall demand in south China and south east Asia became weaker looming raining season, Vietnam lowered its domestic steel price in major types for three consecutive weeks. China Tianjin FOB SPCC down $3 at $594/t during last week. China Tianjin FOB SS400 up $3 at $540/t during past week.
Coal Indicators:
• The second round of coke price hike proposed by cokery plants in China saw pressure from steel mills.
