Ferrous Market
– Ganggu construction steel mills production 5.2976 million tonnes, down 22,000 tonnes w-o-w(last down 98,800 tonnes). Mills inventory 4.13 million tonnes, down 211,500 tonnes w-o-w(last down 215,800 tonnes). Circulation 9.36 million tonnes, down 703,300 tonnes w-o-w(last week down 552,800 tonnes).
– MySteel Rebar Inventory: Rebar production 3.63 million tonnes, up 1.29% w-o-w. Mills inventory 3.07 million tonnes, down 6.45% w-o-w. Circulation inventory 6.75 million tonnes, down 7.63% w-o-w.
– Australia Miner Strike Resources announced estimated new miner areas annual capacity of Fe61.1% iron ore reached 9.6 million tonnes. Currently the miner is testing the samples in ALS laboratory at Perth.
Downstream
– China October Machinery vehicles sales reached 25,300, up 48% y-o-y. The whole year estimated sales over 300,000 excavators, up 30% y-o-y.
SGX Iron Ore 62% Futures& Options Open Interest(Oct 28th)
– Futures 76,425,400 tonnes(decrease 644,800 tonnes)
– Options 98,779,300 tonnes(increase 80,000 tonnes)
Verdict
– Short-term neutral.