Market Verdict on Iron Ore： • Neutral. Macro • China PM Li Keqiang held general political conference to delay some income tax incentives, equal to 1.1 trillion yuan of tax cut annually. • China proposed to increase the self-sufficiency by 35% in copper, 20% in aluminum. In addition, increase scrap ratio by 30% in steel …
Author archives: Hao Pei
Iron Ore DCE May Daily Technical Review 29/12/21
Verdict – Short-term neutral to bearish. DCE iron ore May22 contract corrected significantly during the day and recovered major loss during the last half hour. The previous support 673.0 became a major resistance, which used to be a neckline of a multiple tops area – a traditional bearish top reversal pattern in long-run. However an …
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Daily Virtual Steel Mill Report 29/12/21
Market Verdict on Iron Ore： • Neutral to bearish. Macro • China Ministry of Industrial Information Technology vice chairman indicated that they have complied an implementation plan on non-ferrous, construction materials and petrol-chemical industry. At the same time, the new built capacity will be controlled. • China central bank PBOC: China financial system was generally …
Iron Ore DCE May Daily Technical Review 27/12/21
Verdict – Short-term neutral to bearish. DCE iron ore May22 contract correct massively after creating the high since Oct 14th, indicating a divergence from current area. The upsending trend was almost broken after market went back to 684.0 area, however yet to confirm a breakdown on 672.0 – 676.0 area. Hourly slow stochastic KD created …
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Daily Virtual Steel Mill Report 24/12/21
Market Verdict on Iron Ore： • Neutral. Macro • The China Ministry of Ecological Environment squashed the rumors that enterprises shut down in a large area during the Beijing Winter Olympic Games. Iron Ore Key Indicators: • Platts62 $123.75, +1.15, MTD $110.47. Seaborne mainstream iron ore trades were weak as market was rather positive on …
Iron Ore DCE May Daily Technical Review 23/12/21
Verdict – Short-term neutral. DCE iron ore May22 contract tested low and recovered loss, as expected in previous two trading days, iron ore currently consolidate and neutral. The previous major support area fell into 670- 676, which support iron ore three times from December 16th. Iron ore potentially return to bullish if a breakthrough on …
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Daily Virtual Steel Mill Report 23/12/21
Market Verdict on Iron Ore： • Neutral. Macro • World bank predicted China real GDP growth rate reach 8.0% in the year 2021 and 5.1% in the year 2022. • Clarkson statistic indicated that global fleet trades reached 45.07 million CGT, up 138% y-o-y, refreshed a 8-year record. Iron Ore Key Indicators: • Platts62 $122.60, …
Daily Virtual Steel Mill Report 22/12/21
Market Verdict on Iron Ore： • Neutral. Macro • U.S. President Biden and Democratic Senator Manchin will make a progress on tax and spending plans to advance the economic agenda. The three major US stock index collectively closed higher, with the NASDAQ up 2.4%, the S & P 500 index up 1.78% and the Dow …
Iron Ore DCE May Daily Technical Review 22/12/21
Verdict – Short-term neutral. DCE iron ore May22 contract pushed high in night session however gave back all gains in the following day session, indicating a potential divergence on the market sentiments. Slow stochastic KD created dead cross near overbought boundary. Hourly CCI fell fast from bullish territory to bearish territory and created a bearish …
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Ferrous Weekly Report Section 21/12/2021
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