Verdict:
• Short-run Neutral.
Macro:
• The OECD increased economy growth to 3.0% from 2.7% for 2023, and decreased growth rate from 2.9% to 2.7% for 2024.
• IMF governor Alfred Kammer indicated that the ECB cannot afford interest cut in 2024.
Iron Ore Key Indicators:
• Platts62 $122.75, -1.70, MTD $121.15. JMBF discount widened from $2.2 earlier this week to $3 based on October AM62% index. MACF was traded at $120.7, down $1.7 from Monday. Seaborne trade softened although index increased during the week. Some and mills believed that the index was less sustainable near six-month high, restocking activities potentially became less next week.
SGX Iron Ore 62% Futures& Options Open Interest (Sep 19th)
• Futures 133,421,700 tons(Increase 982,900 tons)
• Options 128,588,500 tons(Decrease 3,542,000 tons)
Steel Key Indicators:
• UAW threatened to expand strike later this week if contract negotiation failed to make progress. The three company combined sold 552,800 cars per month in the second quarter.
Coal Indicators:
• China Shaanxi province started safety check on small miners to prevent mining accidents.
• China cokery plants coke price proposed to increase by 100-110 yuan/ton, accepted by most of steel mills.
