Verdict:
• Short-run Neutral.
Macro:
• Last week, the number of initial claims for unemployment benefits in the United States was 217,000, with an estimated 219,000, compared to 217,000.
• According to data released by the China National Bureau of Statistics, in October, the national CPI decreased by 0.2% year-on-year and 0.1% month on month. The PPI decreased by 2.6% year-on-year, with a slight expansion of the decrease, and the month on month increase of 0.4% turned to remain unchanged.
Iron Ore Key Indicators:
• Platts62 $128.15, +0.45, MTD $126.83.
• Vale expected to resume iron ore transportation on Carajas railway in northern system in coming days after a fire accident happened in November 8th. The incident was unlikely to impact its quarterly iron ore production program.
• India KIOCL restarted iron ore pellet production at its plant in Mangalore on Nov.8th after the shut down on Oct 25th.
• China 45 ports iron ore inventories at 113.08 million tons, up 150,000 tons on the week.
SGX Iron Ore 62% Futures& Options Open Interest (Nov 9th)
• Futures 127,759,900 tons(Increase 519,800 tons)
• Options 104,248,300 tons(Increase 1,668,000 tons)
Steel Key Indicators:
• According to World Steel Association, 37 member countries total produced 986.7 million tons of pig iron in the first three quarters, up 1.5% on the year.
Coal Indicators:
• China inner-Mongolia province proposed to increase coke price by 100 yuan/ton. Steel mills yet to reply officially.
