Capesize freight rates continued its downward movement, as the physical market flattened out in both basins. The Capesize 5 time charter average then dropped by $269 day-on-day to $11,934 on Friday, as liquidity dried up in the physical market. The Baltic Dry Index (BDI) also dipped by 1.47% or 25 points to 1,675 readings, amid …
Monthly archives: March 2021
Iron Ore DCE May Daily Technical Review 1/3/21
Verdict – Short-term neutral. DCE iron ore corrected and price movement were slow after Chinese New Year. The first support on 1089.5 was higher than 1041, which was the lower bound of gap created during the first day after Chinese New Year. However hourly candles created a descending tunnel with lower highs and lows. Hourly …
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Ferrous Daily Physical Review 1/3/21
Ferrous Market – In the year 2020, China crude steel production 1.06 billion tonnes, up 7% y-o-y. Steel production 13.25 billion tonnes, up 10% y-o-y. China export 53.67 million tonnes of steel, down 16.5% y-o-y. Import steel 20.23 million tonnes, up 19.8% y-o-y. – Steel bank construction steel inventory 9.81 million tonnes, up 9.14% w-o-w. …