View attachment 1892698Iron Ore Health Chart & Weekly Wrap – W/E 13 December 2019:IO Shipments:2009 Brazil: 1.3mt lower week on week (WOW) to 4.7mt, a 34 week low.
2008 Brazil: 2.2mt higher Year on Year (YOY) at 6.9mt
2009 Oz to China (CN): Up 0.6mt WOW to 13.6mt
2008 Oz to CN: 0.1mt lower YOY at 13.5mt
Port stocks CN:2009: 0.3mt down WOW to 123.1mt.
2008: 16.3mt higher YOY at 139.4mt.
Blast Furnace Capacity Utilisation %:2009: 0.8% points down WOW to 80.2%.
2008: 2.1% points lower YOY at 78.1%.
Rebar stocks CN:2009: Up 0.04mt WOW to 4.78mt
2008: 0.08mt higher YOY at 4.86mt
62% FE Seaborne Price:2009: Up US$5.54 WOW to US$94.20p/t
2008: US$26.57 lower YOY at US$68.50p/t
Other:Blast Furnace Mills Margins down 166Yuan WOW to 696Yuan (w/e 8 Dec 2019)
IO stocks at CN mills: Up to 16.4mt, a 6 month high
Iron Ore News to W/E 14 Dec:8 Dec - China's iron ore imports fell by 2.4% MOM to 90.7mt in November, but 8% up YOY10 Dec - Odisha government annuls three rounds of bids whose leases are expiring in March 2020. 60mt of production could be impacted if the process is not concluded by then. 12 Dec - Report by independent counsel to Vale, found the incident took place without warning. Result of high shear stresses in the downstream slope of the dam and the brittle, undrained response of the tailings the report said.
12 Dec - Chinese government’s annual economic policy meeting confirms likely continued moderate stimulus strategy going into 2020. Response is mixed. China Metallurgical Industry Planning and Research Institute (MPI), forecasting steel demand and production to reduce by 0.6% and 0.7% respectively. Mysteel senior analyst as one example has forecast an increase of 2% and 3% respectively.
14 Dec - Port Hedland Port achieved November 2019 Iron Ore exports of 43.3Mt, up 9% YOYOther macro:
- The US and China agree to Phase 1 deal; which include tariff rollbacks and agricultural purchases
- Brexit all but assured with re-election of Prime Minister Boris Johnson
Points to note:
- Chinese New Year falls on 25th January 2020, 11 days earlier than 2019.
(20min delay)