Ferrous Market
– Australia Walcott Pier #1&2, 5&6 maintenance total impact 990,000 tonnes of iron ore delivery this week. Geraldton Pier 5 potential decrease delivery because of sea wave. Brazil Tubarao, PDM total delivery impact arround 910,000 tonnes.
– MySteel 45 port iron ore arrivals at 23.99 million tonnes down 558,000 tonnes w-o-w. Northern 6 ports 12.98 million tonnes, up 131,000 tonnes w-o-w.
– MySteel Australia and Brazil iron ore total delivery at 23.71 million tonnes, down 2.81 million tonnes. Australia iron ore delivery 16.32 million tonnes, down 1.33 million tonnes w-o-w. Australia delivery to China 13.57 million tonnes, down 745,000 tonnes w-o-w. Brazil iron ore delivery 7.43 million tonnes, up 1.48 million tonnes w-o-w.
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China Downstream
– China central bank 7-day repo rate at 2.2% unchanged from previously.
– China august CPI 2.4%, last 2.7%, estimate 2.4%. China august PPI -2%, last -2.4%, estimate -1.9%.
– China Construction Machinery Association statistic indicated august sold 20,939 vehicles, upo 51.3% y-o-y. Jan- Aug sold 210,474 vehicles, up 28.8% y-o-y.
SGX Iron Ore 62% Futures& Options Open Interest(Sep 8th)
– Futures 77,735,600 tonnes(increase 918,700 tonnes)
– Options 107,655,500 tonnes(increase 655,000 tonnes)
Verdict
– Short-term bearish.