Market Verdict on Iron Ore：
• Neutral.
Macro：
• China March CPI up 0.7% on the year, est. 1%, last 1%. China March PPI down 2.5%, est. down 2.5%, last down 1.4%.
Iron Ore Key Indicators:
• Platts62 $119.65 +0.05, MTD $ 120.64. Market cooled down following the fair trading and speculation control from Chinese regulators. Thus, physical traders initially cleared some stocks. The fixed trade potentially change into index based float cargoes in next few months given a fast drop on index. In addition, the weak import margin would resist the resilience from demand side.
SGX Iron Ore 62% Futures& Options Open Interest (Apr 10th)
• Futures 91,472,100 tons(Increase 1,091,200 tons)
• Options 99,780,000 tons(Increase 510,000 tons)
Steel Key Indicators：
• China construction steel trading volume was in 80- 85% during same period of last 2-3 years. Market failed to see an over-expected performance in H1 2023.
• Zenith Group lowered ex-work rebar price by 200 yuan in April at 4300 yuan/t.
Coal Indicators：
• Australia FOB market saw trades for PMV around $287 -290/mt.
• The second round of met coke was proposed by mills by 50 – 100 yuan/ mt.