Monthly archives: August 2020

Capesize rates corrects despite healthy shipping demand

Capesize freight rates dipped slightly despite better shipping demand seen in both basins that kept up the bullish market momentum. Thus, the Capesize 5 time charter average faced some correction and fell by $117 day-on-day to $18,896 on Wednesday. Following the dip, the Baltic Dry Index (BDI) dropped by 0.59% day-on-day to 1,509 readings.   …

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Oil Through the Looking Glass 27/8/20

*WTI edges higher but products dip as US Gulf braces for Laura US crude was on the up as of 26th August as the region prepares for hurricane Laura, which is sweeping across the southern coast, yet demand for other products weakens S&P reports. NYMEX October WTI settled higher at $0.04 for the day whilst …

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DCE finishes lower on output restriction concerns

Iron ore futures opened high but closed lower due to market concerns over lower demand from output restriction in Tangshan. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange then dipped slightly by 0.43% or RMB 3.50 day-on-day to RMB 814.50 per tonne on Thursday. Meanwhile, the steel rebar contract on …

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Iron Ore DCE January Daily Technical Review Aug 27th

Verdict – Short-term bearish. DCE iron ore daily chart created five waves according to Elliot theory. Currently entering the first correction phase. Any rebound is opportunity for short position. However a rebound above 851.5 could be a level to reverse. From hourly chart, 807.5- 811.0 is an area support iron ore market for many times …

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Steel and Scrap News 27/8/20

*Turkish Scrap Turkish Deepsea import scrap prices rebound as buying activity resumes.   Deepsea Turkish import scrap prices strengthened, as one Marmara mill was heard to book three cargoes, breaking a two-week long silence in the market. S&P Global Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $284.50/mt CFR on Aug. …

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Morning Oil Report 27/8/20

Good morning all. Brent futures for October, which expire on Friday, rose 13 cents, or, 0.3% to $45.77 a barrel by 5:40 am GMT. The more active November Brent contract was up 10 cents at $46.26 per barrel. WTI futures rose 1 cent to $43.40 a barrel.   Hurricane Laura, a Category 4 storm, continued …

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Daily Ferrous Physical Review Aug 27th

Ferrous Market –    MySteel researched 64 steel mills import iron ore concentrates at 16.71 million tonnes. Iron ore turnover in 25 days. –    Iron ore traded actively in Corex yesterday, most are port trades. Current market is reluctant to accept higher iron ore price, trade volume become light each time after iron ore rebound since …

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