Fertilizer Holiday Update 4/1/21

AG UREA Despite the break, we saw relatively steady two-way interest on the nearby expiry for AG paper, with buyers and sellers both jockeying around 270 value for the January contract. Trading eventually occurred at that level, on the back of spreads. Conviction further out the curve has been slightly lower, although we see the …

Daily Ferrous Physical Review 4/1/21

Ferrous Market –    Steelbank Inventory: construction steel inventories 3.19 million tonnes, down 7.92% w-o-w. HRC 1.27 million tonnes, down 0.51% w-o-w. –    Some physical traders heard FMG increase discount from 7% to 10% on FMG SSF, and 4% to 8% on FMG BF. –    Jan 4th : MySteel 45 ports iron ore inventories at 124.16 …

Iron Ore DCE May Daily Technical Review 4/1/21

Verdict – Short-term neutral to bullish. DCE iron ore rebound significantly by 3.35% with smaller aggregated trading volume for the second trading day, indicating market was running on bullish sentiment without significant conflictions. From hourly chart, CCI created new high from November 9th. Small stochastic KD widened after gold cross. The first support is 972.0. …

DCE starts the year on high note

Iron ore futures opened low, only to finish higher after an afternoon rally that pushed trading to high note. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) then rose to 3.35% on-day or RMB 33 to RMB 1,019.50/mt on Monday. The steel rebar contract on the Shanghai Futures Exchange also hiked …

Capesize rates steady amid mixed outlook for 2021

Capesize freight rates steadied toward year-end, amid thin market activities due to seasonal holidays. The paper market however was well-bid and inched higher, as some market participants were optimistic on the high iron ore prices and steel demand for the new year. There were some concerns over the bad weather off China’s coastal areas, which …