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June Iron Ore Update

Total Iron Ore volume in June of 193,202,700 MT 

*Highest monthly volume since November 2016

*Options volume was 46,215,000 MT (24% of total volumes)

*Highest quarter on record (540,246,100 MT)

*A total of 970,330,900 MT has traded from Jan-Jun 2019, up 54% vs the same period last year

     -Annualised over 12 months, this is 1.94 billion MT, which will be the highest on record since the contract launched in 2009

*Average open interest for the month was at 181,479,020 MT

     -Highest since July 2016 

*The S&P GSCI Iron Ore moved significantly higher, by 14.9% in June, due to another drop in port inventories and additional Chinese government stimulus 


Chart titled, "Total Iron Ore Volumes (MT)"



Pie chart titled, "A broad range of participants in the market -"














Headline: Trading interest all the way out to 2021 with liquidity focused on the first few months" above a bar chart titled, "62% Volume (June-19)"















RECORD monthly screen DAV of 13,616 lots in June 2019 (excluding China public holidays)

*June 19 screen volumes totalled a record 259,966 lots accounting for 18% of total futures volume 

*Average DAV since Oct-18 is 9,603 lots

*The growing financialisation of iron ore has seen increasing participation by funds on the screen, further diversifying the participant pool

*Over 3,000 lots/month of quarterly strips have traded since this functionality was introduced in Nov-18 (both outright and spreads) 


Chart titled, "Screen Daily Average Volume (Lots)"


Consistent 2-way quotes and deep orderbooks

*Aug19 contract - best bid/offer <15cts 


Market Depth Monitor


*Aug/Sep19 spread contract - best bid/offer <5cts


Market Depth Monitor


Growing liquidity when China is closed

*Market is continuously open for 21½ hours with active trading between 8am-11pm

*Active market makers providing competitive 2-way quotes after China market close. Spread is <$0.40 and depth is >100.

*On average 19% of screen volumes were traded when the Chinese market was closed – increasing and consistent volumes between 3-6pm


Chart titled, "Screen Volumes (June-19)"




Bloomberg code: SCOA Comdty (Futures), SCOA Comdty OMON (Options)

*SCRA Comdty (Strip Futures) 

Reuters code: SZZF