Monthly archives: January 2021

DCE rallies on restocking demand amid market uncertainty

Iron ore futures rallied on robust restocking demand, regardless of market concerns over rising coronavirus cases and harsh winter conditions that disrupted logistics. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) then rose by 2.96% on-day or RMB 30.50 to RMB 1,061.50/mt on Thursday. The steel rebar contract on the Shanghai …

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Morning Oil Report 7/1/21

Brent crude was up 40 cents, or 0.7%, at $54.70 a barrel by 0512 GMT before pushing up to highs of $54.85 at 0700GMT, after gaining 1.3% overnight. U.S. West Texas Intermediate (WTI) gained 43 cents, or 0.9% to $51.06. The contract rose 1.4% on Wednesday.   EIA week ending 1/1 Crude oil: -8.0M Gasoline: …

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Capesize rates drop on low cargo list

Capesize freight rates dipped on mixed market sentiments, due to lower cargoes list in the physical market. The Capesize 5 time charter average then went down slightly by $98 day-on-day to $17,310 on Wednesday, from a subdued trading market. The Baltic Dry Index (BDI), however rose slightly by 0.49 % or 7 points to 1,425 …

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Daily Ferrous Physical Review 7/1/21

Ferrous Market –    Brazil authorities hope to finalise later this month a settlement with Vale SA for the Brumadinho Dam collapse occurred in early 2019. Vale presented a value of about 21b reais($4b), while Minas Gerais outlined 28b reais in material damages, plus 26b reais in moral damages. –    Tangshan 10 sample steel mills pig …

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Iron Ore DCE May Daily Technical Review 7/1/21

Verdict – Short-term neutral to bullish, be aware of taking gains of market. DCE iron ore broke 1048.5, which was the major resistance previously. A breakthrough on 1069.5 would potentially mean a new spike towards last year high at 1147.0. Hourly KD rebounded after a gold cross yesterday and approached overbought area. CCI was close …

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