Monthly archives: November 2020

Capesize rates falls after short market rebound

Capesize freight rates plunged again after the recent rebound as bearish sentiment took over the freight market. The Capesize 5 time charter average then dropped by RMB 270 day-on-day to $15,445 on Tuesday, following a negative index. The Baltic Dry Index (BDI) also came under pressure and dropped by 1.64% or 21 points to 1,263 …

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Iron Ore DCE January Daily Technical Review Nov 4th

Verdict – Short-term neutral to bearish. DCE iron ore tested 805.5 five times from hourly chart since Oct 16th. However the supports are becoming higher. The current range area is 783.5 – 805.5, a rejection on both bounds would maintain iron ore in consolidation. Open interest evaporated significantly by 40,000 lots, the biggest single down …

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Daily Ferrous Physical Review Nov 4th

Ferrous Market –    Ganggu Construction Steel Inventory: production 5.32 million tonnes, up 17,800 tonnes w-o-w. Mills inventory 3.82 million tonnes, down 301,500 tonnes w-o-w. Circulation inventory 8.66 million tonnes, down 704,400 tonnes w-o-w. –    Eurofer estimated steel apparent consumption down 14.6% in the year 2o2o, previous expected down 16.6%. Expected apparent consumption up 13% in …

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European Close 3/11/20

Strong PMI figures in China have not filtered through to the DCE iron ore with price remaining below the RMB 806 level. A positive night session has seen the futures move RMB 8 higher, USD 1.18 for the Nov futures (+1.1%). Potentially this is nothing more than day traders positioning themselves for a potential change …

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