Market Verdict on Iron Ore：
· Iron ore short-run neutral.
Macro
· China May CPI 1.3%, est. 1.6%, last 0.9%. China May PPI up 9%, est. 8.3%, last 6.8%.
· World Bank published Global Economic Outlook, adjusted the year 2021 economy growth rate from 4% to 5.6%. China economy growth rate in 2021 from 7.9% to 8.5%.
· China National Development of Reform Commission said in a conference call that would deploy measures to ensure the stable of livelihood commodity prices.
Iron Ore Key Indicators:
· Platts62 $210.40, +7.55, MTD $208.56. PBF yesterday traded at Platts62 Index +$8.8 premium, which was similar to last trading day. Both port volume and seaborne trades were smaller early this week, compared to previous week.
· India-based JSW Steel Ltd. claims three of the largest American steelmakers conspired to stifle competition by refusing to sell raw metal to its U.S. pipe and plate-making operations after the Trump administration imposed imports on cheaper foreign supplies.
SGX Iron Ore 62% Futures& Options Open Interest (Jun 8th)
· Futures 78,136,500 tonnes(Increase 447,700 tonnes)
· Options 75,742,300 tonnes(Increase 1,860,000 tonnes)
Steel Key Indicators
· Ganggu Construction Steel Inventory: production 5.666 million tonnes, up 44,200 tonnes w-o-w. Mills inventory 4.9967 million tonnes, up 494,100 tonnes w-o-w. Circulation inventory 9.19 million tonnes, down 33,700 tonnes w-o-w.
