Ferrous Market
– Mysteel 64 steel mills seaborne sintered iron ore inventory 17.64 million tonnes. Iron ore inventory turnover in 26 days.
– Mysteel steel mills import iron ore inventory 114.45 million tonnes, up 1.9 million tonnes w-o-w. Sintered iron ore daily consumption 3.04 million tonnes, up 29,400 tonnes w-o-w.
– MySteel 45 ports iron ore inventories at 126.05 million tonnes, down 1.46 million tonnes w-o-w. Daily evacuation 3.21 million tonnes, down 10,000 tonnes w-o-w. Australia iron ore 59.57 million tonnes, down 318,500 million tonnes w-o-w. Brazil iron ore 41.16 million tonnes, down 445,300 tonnes w-o-w. 111 ships at ports, down 18.
– Mysteel researched 247 blast furnace operation rate at 86.33%, down 0.13% w-o-w, up 1.56% y-o-y. Utilisation rate 92.47%, up 0.83% w-o-w, up 6.39% y-o-y. Daily pig iron production 2.46 million tonnes, up 22,100 tonnes w-o-w.
China Winter Weather
– Southern China entered rainy weather. Many northern cities of China created the lowest temperature of the year.
SGX Iron Ore 62% Futures& Options Open Interest(Nov26th)
– Futures 73,856,800 tonnes(increase 893,800 tonnes)
– Options 79,884,500 tonnes(increase 410,000 tonnes)
Verdict
– Short-term neutral