Market Verdict on Iron Ore：
• Neutral.
Macro：
• The prosperity index of Eurozone reached 1.3 in January, refreshed new high since July 2022, last -1.5, est. -0.6.
• China January Manufacturing PMI 50.1, est. 49.8, last 47. China industrial amount above designated scale at 8.4 trillion yuan in 2022, down 4% from 2021.
Iron Ore Key Indicators:
• Platts62 $129.80, +2.40, MTD $123.06. The market was stable during Chinese holiday week. Traders were waiting for direction. Lump premium expected to become weaker in coming weeks after winter cut is over. However be aware of the price-in correction after market spiked too fast. Physical market was stable, both fixed and float yet to see any significant rebound.
SGX Iron Ore 62% Futures& Options Open Interest (Jan 31st)
• Futures 116,798,900 tons(Increase 1,139,000 tons)
• Options 87,231,100 tons(Increase 1,390,500 tons)
Steel Key Indicators：
• Turkey presidential decree announced that to protect domestic industry, import duties on flat steels will be increased by 6-7% to 15-20%, without citing how long this duty will be in force.
Coal Indicators：
• A recent rail accident in Australia potentially impact 3-7 days of transportation. Moreover, the port logistics maintained tight from last December, laycans were postponed from February to April.
• The first Australia coking coal exported to China from Hay Point to Zhanjiang port, expected to arrive in February 8th, symbolised the recovery of China-Australia coking coal trade after a ban since 2018.