Ferrous Market
– Mysteel 45 ports iron ores inventory 113.74 million tonnes, up 635,100 tonnes w-o-w. Daily evacuation 3.256 million tonnes, up 148,900 tonnes w-o-w. Austrilian iron ores inventory 56.66 million tonnes, down 691,600 tonnes w-o-w. Brazil iron ores inventory 30.03 million tonnes, up 227,000 tonnes w-o-w. 169 ships at ports down 19 w-o-w.
– Mysteel researched 247 blast furnace operation rate at 91.41%, unchanged from last week. Utilisation rate 94.52%, down 0.13% w-o-w. Daily pig iron production 2.5159 million tonnes, down 3,400 tonnes.
– Mysteel mills seaborne iron ore inventories 110.46 million tonnes, up 302,100 tonnes w-o-w. Daily consumption 3.1266 million tonnes, down 1,100 tonnes w-o-w.
China Downstream
– Dow Jones correct over 1000 last trading day, Nasdaq corrected 5%. All U.S. equity index created biggest single day correction since June.
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SGX Iron Ore 62% Futures& Options Open Interest(Sep 3rd)
– Futures 76,108,000 tonnes(increase 1,720,900 tonnes)
– Options 106,050,500 tonnes(increase 1,844,800 tonnes)
Verdict
– Short-term neutral to bearish.