Monthly archives: November 2020

Morning Oil Report 20/11/20

Brent crude futures were down 5 cents, or 0.1% to $44.17 a barrel at 0744 GMT. U.S. West Texas Intermediate crude contract was down at $41.90 a barrel. The WTI contract for November, which expires on today, was also flat at $41.74 per barrel.   The news of vaccine efficacy is having positive reverberations around …

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DCE closes the week on gain from steel rally

Iron ore futures ended the week on gains, after a late session rally driven by good steel margins and prices. Thus, the most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange went up by 1.72 % or RMB 15 day-on-day to RMB 887.50/mt on Friday. The steel rebar contract on the Shanghai …

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Capesize rates fall due to supply gut in the Atlantic

Capesize freight rates continued to slide on mixed market from an oversupplied Atlantic market, despite some cargo improvement seen in the Pacific. Due to the mixed market movement, the Baltic Dry Index (BDI) increased slightly by 1.70% or 19 points to 1,134 readings.   Both basins move in different directions Atlantic market was still oversupplied …

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Iron Ore DCE January Daily Technical Review Nov 20th

Verdict – Short-term neutral to bullish. DCE iron ore Jan contract created yearly high again during the day. A correction above 874.0 should be consider as a normal correction and market remain bullish. At the same time, DCE iron ore may contract was weaker since the long jan-may arbitraging. The key driver of ferrous growth …

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Daily Ferrous Physical Review Nov 20th

Ferrous Market –    MySteel 45 ports iron ore inventories at 127.51 million tonnes, down 263,000 tonnes w-o-w. Daily evacuation 3.22 million tonnes, up 49,200 tonnes w-o-w. Australia iron ore 59.88 million tonnes, up 111,500 tonnes w-o-w. Brazil iron ore 41.61 million tonnes, up 578,900 tonnes w-o-w. 129 ships at ports, down 1 w-o-w. –    Mysteel …

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