Verdict:
• Short-run Neutral.
Macro:
• US Federal Governor Loretta Mester indicated that it is less likely to see interest cut in or before May, however possible in June. Mester expected three interest cut in 2024.
Iron Ore Key Indicators:
• Platts62 $102.25, -0.25, MTD $102.38. The market saw active trade before China Qingming holiday. PBF saw two fixed trades for full laycans on Monday. On Tuesday, BHP sold JMBF at $8.5/mt based on May index. The MACF maintained popularity during past few weeks.
SGX Iron Ore 62% Futures& Options Open Interest (Apr 1st)
• Futures 105,895,500 tons(Increase 1,613,500 tons)
• Options 115,546,300 tons(Increase 159,000 tons)
Steel Key Indicators:
• Turkey steel trade organization CIB indicated to realise net export of 15 million tons in 2024.
• China FOB HRC export price down $10- 25 during past week.
Coal Indicators:
• After stabilized around $245-246/mt for a week, FOB Australia coking coal saw a big correction because of the disruption of demand from APAC market.