DCE dips in oversupplied market

Iron ore futures dipped despite some rally at the closing session, due to market concern over rising supply. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange went down by 1.14% day-on-day to RMB 783/mt on Thursday. The steel rebar contract on the Shanghai Futures Exchange were flattish and booked a …

Capesize rates drop on low market confidence

Capesize freight rates came under pressure on bearish market sentiment and oversupplied shipping market. The Capesize 5 time charter average then dropped by RMB 754 day-on-day to $14,691 on Wednesday, following the selling pressure in the market. The Baltic Dry Index (BDI) then slipped by 3.09% or 39 points to 1,224 readings on weaker Capesize …

Iron Ore DCE January Daily Technical Review Nov 5th

Verdict – Short-term neutral to bearish. Iron ore morning session saw a big increase on new short which drive down price. In the afternoon the recover was also due to a short covering. As a result, iron ore short positions have more initiatives compared with long positions. A breakdown on next resistance 772.5 would smash …

Daily Ferrous Physical Review Nov 5th

Ferrous Market –    Tangshan area 10 mills gross profit up 47 yuan to 302 yuan/tonne from last week. –    Some Tangshan trade sources indicate HRC rolling mills stop operation from 4th – 6th. Some structural steel mills stopped operation again after previous curb end in Nov 1st, restart date to be announced. –    Vale resorted …

European close 04/11/20

A bit of a damp squib for iron ore today. Expectations that we may see some form of breakout have been put to bed with the futures failing to the upside and holding the downside. U.S elections are not that interesting after all!   It may not be a case of stick or bust but …