Market Verdict on Iron Ore：
· Iron ore short-run neutral.
Macro
· China PM Li Keqiang held a economist conference to counter against economic cycle risk. Maintain the continuous effect of macro policy and avoid general liquidity release to the market. The RRR cut focus on special areas and structural demand, to benefit mid-small capital companies and intensive labor industries.
· China NDRC Environment department: China will enforce the upgrade of industry capacity projects and increase related capacity test on steel and coals. Support the industrial change to green economy.
· China built 20.92 million tonnes ETU ships, up 19% y-o-y in H1 2021. New orders 38.24 million tonnes ETU, up 206.8% y-o-y. Orders on hand 86.6 million tonnes, up 13.1% y-o-y.
· China H1 2021 export 1854.79 million vehicles, up 30.5% y-o-y.
Iron Ore Key Indicators:
· Platts 62%: $217.85 (-0.60) MTD $219.26.
· Indian miner NMDC decrease 200 Rupee($2.68) per tonne on iron ore effective from July 10th. Indian Lump at $99.96/tonne after the adjustment. Indian concentrates at $85.34 after the adjustments.
· China H1 2021 import iron ore concentrates 560.7 million tonnes, down 12.1% y-o-y. China H1 2021 imported coal 139.56 million tonnes, down 19.7% y-o-y.
SGX Iron Ore 62% Futures& Options Open Interest (Jul 13th)
· Futures 79,327,000 tonnes(Increase 318,200 tonnes)
· Options 79,957,900 tonnes(Increase 140,000 tonnes)
Steel Key Indicators
· Jiangxi Province, China said to ensure complete the capacity decrease strategy, which would equal to a decrease of 1,300 tonnes on daily basis from July to December. 