Market Verdict on Iron Ore：
• Neutral to bearish.
Macro：
• China government work report set 5% as economy growth target in 2023 and 3% as fiscal deficit rate, which were both considered conservative from the market. The market was also focusing on the new governors lists and reform programs on institutions.
Iron Ore Key Indicators:
• Platts62 $127.45, +0.20, MTD $127.17. China NDRC held conference to discuss the strategies on the fast increased iron ore price. It is the third NDRC notice on iron ore during the year.
SGX Iron Ore 62% Futures& Options Open Interest (Mar 3rd)
• Futures 96,062,400 tons(Increase 716,900 tons)
• Options 76,492,100 tons(Increase 977,500 tons)
Steel Key Indicators：
• CISA statistics indicated that steel inventories reached 33.25 million tons at February, up 18.5% from late January, up 6.9% on the year.
Coal Indicators：
• International trader indicated that there are 6-7 laycans of cargoes demand from end-users in Asia and Europe. Arcelor Mittal tender was awarded to Trafigura at high level at $362.
