Market Verdict on Iron Ore： • Neutral. Macro • European gas prices soared 34%. Earlier, Putin said that the supply of natural gas to European countries would be settled in rubles. • China machinery excavators March sales number reached 40,000, down 49% y-o-y, down 36% compared with February. • The office of the U.S. …
Author archives: Hao Pei
Daily Virtual Steel Mill Report 23/3/22
Market Verdict on Iron Ore： • Neutral. Macro • China NDRC and NEA(National Energy Administration) planned to reach 4.6 billion tons equivalent of sta • On March 22, Chinese National Development and Reform Commission and the National Energy Administration issued the “14th five year plan” for modern energy system. By 2025, the annual comprehensive …
Daily Virtual Steel Mill Report 22/3/22
Market Verdict on Iron Ore： • Neutral. Macro • China PM Li Keqiang held a conference to enhance tax return and tax exemption policy to support economy growth. • European Central Bank Committee Olli Rehn indicated that central bank potential start interest rate increase by the end of this year or the beginning of …
Iron Ore DCE May Daily Technical Review 22/3/22
Verdict – Short-term bearish. DCE iron ore May22 contract slumped during the last two hours and created a mid-run roof areas. If a rejection on 810 – 813.0 while next rebound would generally mean iron ore re-entered a bearish trend. All support above 740.5 are believed as weak support. Hourly stochastic KD has created bearish …
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Iron Ore DCE May Daily Technical Review 21/3/22
Verdict – Short-term neutral. DCE iron ore May22 contract re-entered into a consolidation range in short-run. After a spike at Friday night and a test low in Monday morning, iron ore finally closed near the open level at Friday night. May-Sep22 spread started to narrow, when major contract rolling started from last week. Front month …
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Daily Virtual Steel Mill Report 21/3/22
Market Verdict on Iron Ore： • Neutral. Macro • China and U.S. held an internet conference during the tight worldwide political conditions in the first quarter of the year 2022. Although both countries have different views on the Russia-Ukraine war, however both countries thought the talk was “constructive” and mentioned to improve the cooperation …
Iron Ore DCE May Daily Technical Review 18/3/22
Verdict – Short-term neutral. DCE iron ore May22 contract rebounded during the open over night session, however consolidate around 830.0 area for most of time in the day session. A breakthrough on 838.5 would indicate a new round of spike. Hourly CCI potentially drop from the bullish territory. Hourly slow stochastic KD flattened in an …
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Daily Virtual Steel Mill Report 18/3/22
Market Verdict on Iron Ore： • Neutral. Macro • BOE raised interest rate by 25 basis point to 0.75% as expected. The lending cost recovered to pre-pandemic level. Q2 inflation rate raise from 7.25% to 8%. • China Ministry of Industry and Information Technology: promote more strategies to support stablised economy growth. Become prudent on …
Iron Ore DCE May Daily Technical Review 17/03/22
Verdict – Short-term neutral. DCE iron ore May22 contract extended growth as expected yesterday. However the close was almost flat to the high open. DCE iron ore apparently entered a small round of consolidation, major trading area concentrated between 795.0 – 810.0 area. Hourly MACD narrowed above 0 axis. Hourly slow stochastic KD potentially …
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Daily Virtual Steel Mill Report 17/3/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • As expected, the Federal Open Market Committee (FOMC) of the Federal Reserve raised the federal benchmark interest rate range by 25 basis points to 0.25% – 0.50%, the first interest rate increase since December 2018. Fed officials expect interest rates to reach 1.9% by …