Market Verdict on Iron Ore：
· Iron ore short-run neutral.
Macro
· The China Market Supervision Agency said will closely track the volatility of commodity prices, strengthen pre-risk analysis, regularly monitors the trend of iron ore, steel, coal, crude oil and other commodity prices, create weekly analysis reports, and implement effective supervision.
· China May Caixin PMI 52, est. 51.7, last 51.9. The number created the highest of the year 2021. U.S. Market Manufacturing PMI 62.1, est. 61.5, new high since the May of the year 2007.
· The Ministry of Industry and Information Technology will cooperate with relevant departments to resolutely crack down on hoarding, malicious speculation and manipulating prices. They will promote the upstream and downstream enterprises of the industrial chain to establish a long-term and stable cooperative relationship, to stabilize the supply of raw materials and cooperate with the production, market, and cope with the risk of price fluctuation.
Iron Ore Key Indicators:
· Platts62 $209.10, +10.35. The last trade of PBF based on July Index created a historical high premium at $9.1.
· MySteel Australia and Brazil iron ore total delivery at 23.73 million tonnes, down 2.67 million tonnes w-o-w. Australia iron ore delivery 16.82 million tonnes, down 1.58 million tonnes w-o-w. Australia delivery to China 12.88 million tonnes, down 2.97 tonnes w-o-w. Brazil iron ore delivery 6.91 million tonnes, down 1.089 million tonnes w-o-w.
· China Iron ore 45 port arrivals at 23.07 million tonnes, down 1.49 million tonnes w-o-w. Northern six port arrivals at 10.65 million tonnes, down 663,000 million tonnes w-o-w.
SGX Iron Ore 62% Futures& Options Open Interest (Jun 1st)
· Futures 74,972,500 tonnes(Increase 1,684,300 tonnes)
· Options 68,224,800 tonnes(Increase 1,000,000 tonnes)
Steel Key Indicators
· MySteel expected the year 2021 China steel export reached 65-70 million tonnes. Total import expected 10-15 million tonnes.
· China May PMI 57.8%, down 5.1% m-o-m. Heibei Province May Steel PMI 49.6%, down 4% m-o-m.