Verdict:
• Short-run Neutral to Bearish.
Macro:
• US jobless claims reached 216,000, est. 234,000, last 228,000.
• Some southern cities, including the biggest city in the south, Guangzhou, China was suffering from heavy rain and floods. HKEX closed on Friday because of the extreme weather.
Iron Ore Key Indicators:
• Platts62 $117.70, -1.80, MTD $118.61. MySteel surveyed 45 China ports iron ore inventories at 118.68 million tons, down 2.5889 million tons on the week. Daily evacuation 3.1241 million tons, up 8,100 tons on the week.
• Reuters : China will crack down on regulatory violations to maintain order in the iron ore market, and will continue to strengthen supervision of the futures and spot market, its state planner said on Thursday.
SGX Iron Ore 62% Futures& Options Open Interest (Sep 7th)
• Futures 113,771,900 tons(Increase 1,579,900 tons)
• Options 104,486,900 tons(Increase 605,000 tons)
Steel Key Indicators:
• MySteel estimated 247 China steel mills blast utilisation rate at 84.39%, up 0.3% on the week, up 2.4% on the year. Daily pig iron produced 2.4824 million tons, up 13,200 tons on the week, up 126,900 tons on the year.
Coal Indicators:
• The FOB Australia market was supported by Indian end-users, in particular for PHCC.
