Market Verdict on Iron Ore：
· Iron ore short-run bearish.
Macro
· President of Europe Central Bank Largede expected Q2 economy started to rebound in Europe area, and growth rate become stronger in Q3 supported by strong manufacturing industry. Largede expected EU will recover to pre-pandemic economy level in next Q1. Inflation was lower than Central Bank target. New Delta Virus was a key variable.
· China State of Commerce said will increase the following up on commodity prices and enhance the diversification of import commodities to build a stable supply on commodities.
Iron Ore Key Indicators:
· Platts 62% 201.50 (-12.10), MTD 217.98.
· MySteel 45 ports iron ore inventories at 128.48 million tonnes, up 2.96 million tonnes w-o-w. Daily evacuation 2.84 million tonnes, up 71,500 tonnes w-o-w. Australia iron ore 60.29 million tonnes, up 906,400 million tonnes w-o-w. Brazil iron ore 34.73 million tonnes, up 1.22 million tonnes w-o-w. 152 ships at ports, down 3.
· Macarthur Minerals had create an executive research on west Australia Iron Ore project Lake Giles. The mine supplies Fe65% high grade iron ore concentrates. The research expected to complete during the year.
· One of the biggest dry bulk port in China, Caofeidian Port will stap transport iron ore, coke and coals, and other bulk commodities during July 24- 27th because of a new round of pollution.
· Two China state owned marine equipment companies helped Rio Tinto on the rebuild of port Lambert, successfully delivered 7000 tons of steel pipes and 20 bollard steel structure modules.
SGX Iron Ore 62% Futures& Options Open Interest (Jul 22nd)
· Futures 86,350,800 tonnes(Increase 354,100 tonnes)
· Options 83,087,900 tonnes(Increase 232,500 tonnes)
Steel Key Indicators
· U.S. ex-work hot rolled coil prices hit new highs this week. As of Tuesday, the ex-factory price of hot rolled coils was 2000 US dollars/ton. 