Steel & Scrap Morning Report 20/1/21

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Daily DCE Review 20/1/21

Iron ore futures rebounded from losses amid cyclone concerns over possible disruptions to Australian iron ore shipments and productions. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) then rose slightly by 0.24% on-day or RMB 2.50 to RMB 1,059/mt on Wednesday. The steel rebar contract on the Shanghai Futures Exchange however, …

Daily Capesize Review 19/1/21

Capesize freight rates rose on firmer physical Atlantic basin, while the Pacific basin remained soft due to market uncertainty at the aftermath of cyclone. The Capesize 5 time charter average then rebounded from losses to gain by $607 day-on-day to $24,148 on Tuesday, after a choppy trading session. The Baltic Dry Index (BDI) followed the …

Morning Oil Report 20/1/21

U.S. West Texas Intermediate (WTI) crude futures climbed 37 cents, or 0.7%, to $53.35 a barrel at 0427 GMT, building on a 1.2% rise on Tuesday. Brent crude futures rose 35 cents, or 0.6%, to $56.25 a barrel, adding to a 2.1% gain on Tuesday.   The day has come for the inauguration of Joe …

Ferrous Daily Physical Review 20/1/21

Ferrous Market –    BHP Pilbara iron ore production 70.4 million tonnes, down 5% from Q3, up 3% y-o-y. Year 2020 iron ore production 288 million tonnes, up 6% y-o-y. Q4 sales 70.77 million tonnes, down 4% from Q3, up 2% y-o-y. Year 2020 sales 290 million tonnes, up 6% y-o-y. BHP fiscal year 2021 iron …

Iron Ore DCE May Daily Technical Review 20/1/21

Verdict – Short-term neutral. DCE iron ore rebounded slightly from last closing with decreased volume. Iron ore still stuck in a consolidation range from 1035.5- 1084.5 area. Hourly MACD potentially create gold cross. Hourly slow stochastic KD was widening. Technical signals were neutral currently. The first support is 1035.5. The first resistance is 1084.5