Monthly archives: November 2020

Morning Oil Report 26/11/20

Good morning all,   Brent futures were flat at $48.60 a barrel by 0730 GMT, after rising around 1.6% in the previous session, in which Brent Crude futures reached highs of $49.09 per barrel   EIA Report   Crude: -0,754 Cushing: -1,721 Distillate: -1,441 Gasoline: 2,179 Production: 100   ExxonMobil have released a revision of …

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DCE lifts by high steel demand

Iron ore futures surged since opening session and closed higher at the afternoon session, amid market optimism for better steel demand. Thus, the most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange went up by 2.11% or RMB 18.50 day-on-day to RMB 897/mt on Thursday. The steel rebar contract on the Shanghai …

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Capesize rates move higher on firm Pacific market

Capesize freight rates rose higher after a flurry of fixtures were being done in the Pacific market, lifting market sentiment after previous correction. The Capesize 5 time charter average then inched up by $190 day-on-day to $12,186 on Wednesday, due to significant gains at the physical market. The Baltic Dry Index (BDI) followed the rally …

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Iron Ore DCE January Daily Technical Review Nov 26th

Verdict – Short-term neutral. DCE iron ore Jan contract attracted 469 million yuan money inflow during the day, while rebar jan evaporated 328 million yuan. Iron ore May contract rebound 1% more than Jan contract due to rolling. However DCE Jan contract still double the positions of May contract. The completion of rolling is expected …

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Daily FerrousPhysical Review Nov26th

Ferrous Market –    MySteel Rebar Inventory: Rebar production 3.60 million tonnes, up 0.03% w-o-w.Mills inventory 2.33 million tonnes, up 0.15% w-o-w. Circulation inventory 4.5 million tonnes, down 7.68% w-o-w. –    Mongolia built a “green area” at the port to help the virus tests on coal truck drivers. Thus port operation became more efficient, however current …

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European Close 25/11/20

Iron ore Futures continue to trade sideways with the futures close the session in line with the previous two days. Futures prices remains supported after Fortescue metals Group COO reported the current market is strong, as steel production in China continues to grow (Bloomberg). Steel Margins are off 1% as DCE coking coal continues to …

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