Some prices and news for yesterday and overnight: 22/9/2017:...

Some prices and news for yesterday and overnight:

22/9/2017:
Platts 62% US$62.25 down US$0.90
Platts 65% US$86.45 down US$0.90
Platts 58% US$31.80 down US$0.90
Platts 58% Low AL US$46.55 down US$0.90
Lump Premium US$0.419 down US$0.0055

TSI 62% US$63.00 Unchanged

MB 62% US$63.56 down US$2.53
MB 65% US$88.20 down US$0.30
MB 58% US$38.69 down US$0.89
MB 58% Premium US$52.19 down US$2.39

FMG released their discount for October yesterday:
- 58.3% increased from 21% to 23%
- 56.7% increased from 35% to 40%

Overnight SHIBOR 2.756% down 4.97 base point (Good for money market); 7 days and 3 months rate are also down.

In August, World Total Crude Steel production is 143.6MT up 6.3% from last year.

Last time IO Future bounced hard from 406.50, previous lows were:
- 283
- 312.5
- 383
- 406.50
So hopefully with higher lows, bottom is not too far away.

Early morning steel market report still showed low sales volume, prices are also lower. A lot steel mills are owned by Chinese government and I'm sure prices will not go much lower, "Gross" profit are still around 700 yuan but "Net" profit is almost diminished, will be interesting to see if any "comments" will be made by some Chinese Officials. Last time some official came out and said "profit" too high for Steel Mills are bad for the country, then futures started to fall.

Steel Inventory: (China Major Trader Markets- 22/9/2017)
- Cold Roll: 1.1475MT up 4.1KT from last week
- Hot Roll: 2.0544MT down 20.1KT from last week
- Mid Sheet: 1.053MT, up 36KT from last month
- Billet: 289KT, up 24.9KT from last week.
- Rebar: 4.616MT down 105.2KT from last week
- Wire: 1.216MT up 47KT from last week

IO Port Inventory (22/9/2017) for Top 31 Major IO Port Only:
- 121.79MT down 1.02MT from last week
- Australian IO: 64.2415MT up 0.7761MT
- Brazil IO: 30.0215MT up 0.158MT
- Trade IO 43.5443MT down 0.5907MT

IO Port Inventory continued to fall, last time when IO Price was dropping, supplies were high and port inventory were increasing, now IO port inventory continued to go lower every week, just makes you wonder.

DYOR.

Frank.