Ferrous Market
– Ganggu Construction Steel Inventory: production 5.53 million tonnes, down 49,300 tonnes w-o-w. Mills inventory 4.86 million tonnes, up 34,800 tonnes w-o-w. Circulation inventory 11.17 million tonnes, up 143,200 tonnes w-o-w.
– MySteel Rebar Inventory: Rebar production 3.76 million tonnes, up 1.03% w-o-w. Mills inventory 3.51 million tonnes, down 1.08% w-o-w. Circulation inventory 8.66 million tonnes, down 1.75% w-o-w.
– China flat steel August export 2.1 million tonnes, down 31.7% y-o-y. Jan to August flat steel export 22.22 million tonnes, down 17.3% y-o-y. China august long steel export 460,000 tonnes, down 29.2% y-o-y. Jan-Aug export 4.87 million tonnes, down 30.7% y-o-y.
– Tangshan area start production curb from September 22nd since air pollution, without notifying the removal time of curb.
– Ancelor Mittal(Brazil) will restart Tubarao No. 3 blast furnace in mid-October, totaled 2.8 million tonnes mtpa. The company totaled 7 million mtpa capacity in Tubarao area, No. 2 blast furnace recovered production during this July.
SGX Iron Ore 62% Futures& Options Open Interest(Sep 23th)
– Futures 88,242,000 tonnes(increase 704,700 tonnes)
– Options 116,215,500 tonnes(increase 550,000 tonnes)
Verdict
– Short-term bearish.