Verdict – Short-term consolidation. DCE iron ore jumped up at 798.0 yuan only 3 yuan from limit up however correct back significantly by last hour and closed at 783.0 yuan. From hourly chart slow stochastic narrowed and potentially create dead cross near overbought area. Hourly level CCI correct from high area. Technical signals are indicating …
Monthly archives: June 2020
FIS Daily Physical Review Jun 8th
Iron Ore and Steel Market Updates – Steelbank inventories: construction steel inventories 7.08 million tonnes, down 5.51% w-o-w. HRC inventories 2.08 million tonnes, down 5.88% w-o-w. – China customs: China iron ore import 87.03 million tonnes in may, up 3.9% y-o-y. China steel export 4.4 million tonnes in may, down 23.4% y-o-y. – Vale informed …
A Short Summary on Vale Disruption on Itabira Complex
Iron ore futures in both SGX and DCE jumped after top iron ore miner Vale SA was ordered to shut operations at Itabira complex including three major mines that accounts for 10% of annual production, boosting concerns that Brazil will disrupt other mines in coming months. However Vale also claimed the potential impact of 2.7 …
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Iron ore blips back but rally ‘looks stretched’
Iron ore futures in Singapore recovered from yesterday’s blip and is set to finish the week on a high. The iron ore market has seen great volatility of late, pushing towards $100 on supply concerns following disruptions in Brazil as well as strong demand from China. Global steel demand is expected to fall …
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Capesize rates hike as economics reopen
Capesize market kept up the upward momentum with better shipping demand in both basins with higher iron ore prices. Thus, the Capesize 5 time charter average rose by $910 day-on-day to $6,177 on Thursday, after a strong afternoon session that pushed paper market to a day high. Likewise, the Baltic Dry Index (BDI) also managed …
Iron Ore Offshore July 20 Morning Technical Comment – 240 Min Chart
6 Weeks on the Bounce
That is quite a recovery from what was a pretty dire situation for crude. Brent has now risen 6 weeks on the bounce, from a front month price close of around $19.15 on the 21st April to over $40 currently. If we don’t get a Friday sell off/profit taking, I’m sure that the powers that be …
Supramax June 20 Morning Technical Comment – 240 Min
DCE extends corrections despite strong Chinese demand
Chinese futures dipped further on lower buying interest, as buyers were turned off by high seaborne prices and preferred port purchases. The most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, slid down by 0.93% day-on-day to RMB 746 per tonne on Friday. Following the downtrend, the steel rebar contract …
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