Verdict:
• Short-run Neutral.
Macro:
• China National Bureau of Statistics: From January to May, the total profit of the ferrous metal smelting and rolling processing industry was a loss of 12.72 billion yuan.
• The IMF has lowered its forecast for real GDP growth in US in 2024 from 2.7% in April to 2.6%. IMF President Georgieva said that it is still expected that the Federal Reserve may cut interest rates for one time in 2024 and more times in 2025.
Iron Ore Key Indicators:
• Platts62 $105.75, -1.00, MTD $106.50. After the correction, there was no trade yesterday because sellers were expecting higher price. The current high silica iron ore were traded at lower price indicated a decreasing demand.
• China 45 ports iron ore inventories at 149.26 million tons, up 430,500 tons on the week, up 21.84 million tons on the year. Daily evaluations at 3.08 million tons, down 37,400 tons on the week, down 5,300 tons on the year.
SGX Iron Ore 62% Futures& Options Open Interest (Jun 27th)
• Futures 129,558,100 tons(Increase 1,706,600 tons)
• Options 176,484,200 tons(Increase 17,000 tons)
Steel Key Indicators:
• The HRC in north Europe dropped by 2 EUR at 630 EUR/t, while north-west dropped by 5 EUR to 630 EUR/t during past week.
Coal Indicators:
• The FOB Australia market was in general stable this week. The end-users maintained watch and see mode.
