Ferrous Market
– MySteel Australia and Brazil iron ore total delivery at 29.75 million tonnes, down 4.58 million tonnes w-o-w. Australia iron ore delivery 21.72 million tonnes, up 3.42 million tonnes w-o-w. Australia delivery to China 18.54 million tonnes, up 4.23 million tonnes w-o-w. Brazil iron ore delivery 8.03 million tonnes, up 1.16 million tonnes w-o-w.
– China Ministry of Industry and Information Technology will ensure crude steel output flat or decrease from 2021 compared to the year 2020. The crude growth rate in the year 2020 estimated reach 6%.
– MySteel 45 port previous week iron ore arrived 22.32 million tonnes, down 3.99 million tonnes w-o-w. Northern six ports arrivals at 9.54 million tonnes, down 4.59 million tonnes w-o-w.
– Shandong PBF offered at 1100 yuan this morning, up 10-20 yuan in most of areas. MACF offered at 1075 yuan. JMBF offered at 1050 yuan.
– Ganggu Construction Steel Inventory: production 5.26 million tonnes, down 50,200 tonnes w-o-w. Mills inventory 4.81 million tonnes, up 350,300 tonnes w-o-w. Circulation inventory 5.598 million tonnes, up 23,200 tonnes w-o-w.
SGX Iron Ore 62% Futures& Options Open Interest(Dec 29th)
– Futures 82,777,100 tonnes(increase 525,700 tonnes)
– Options 67,563,000 tonnes(0 tonnes)
Verdict
– Short-term neutral to bearish