Morgan Stanley-Global Basic Materials Iron Ore Chartbook – January 2024-106496558

MFebruary13,202405:01AMGMTUpdateGlobalBasicMaterialsGlobalMorganStanley&Co.LLC+1212761-4927+55113048-6198IronOreChartbook–JanuaryCarlosDeAlba2024EquityAnalystBenchmarkironorepriceincreased2.8%Y/Y,butdecreased7.3%M/Mto$129.0/tCarlos.De.Alba@morganstanley.comasofFebruary9,2024.The1%ironorepremiumof$2.10/twasup2.4%Y/Y,butdecreased8.7%M/M.The65%Fepricetradesatapremiumof10.2%vs.the62%FeMorganStanleyC.T.V.M.S.A.+benchmark,whilethe58%Fepricetradesatadiscountof10.2%.HenriqueBragaGlobalsteelproductiontotaled135.7MtinDecember,down5.3%Y/Yand6.4%M/M.Chineseoutputdecreased14.9%Y/Yand11.4%M/Mto67.4Mt.ProductionintheResearchAssociateEuropeanUnionwasup2.7%Y/Yto9.1Mt.SouthKoreaoutputamountedto5.4Mt,Henrique.Braga@morganstanley.comup2.7%Y/Y.Japanproductionincreased1.1%Y/Yto7.0Mt.Brazilianproductionamountedto2.5Mt,up0.9%Y/Y.LatinAmericaMetals&MiningNoRatingLatinAmericaAttractiveChina'sironoreportinventoriesincreased4.2%M/M,butdecreased4.2%Y/YtoIndustryView132MtonFebruary8th.Thislevelrepresents42daysofconsumption,8daysaboveMetals&MiningIn-Linethehistoricalaverage.EuropeIndustryViewChinesesteelmills'ironoreinventoriesasofFebruary7thstoodat21.8KtforMetals&Miningdomesticore,whichrepresentsanincreaseof61.6%M/Mand18.4%Y/Y.InventoriesNorthAmericaofimportedironoreamountedto246.4Kt,up30.3%M/Mand42.1%Y/Y,IndustryViewrepresenting29daysof...