Market Verdict on Iron Ore： • Neutral. Macro • Reuters news indicated a letter from Gazprom had announced force majeure to at least one of its clients on the natural gas supply. U.S. white house predicted that OPEC + would increase oil supply after the talk between Joseph Biden and the middle-east countries. …
Author archives: Hao Pei
Iron Ore DCE September Daily Technical Review 18/07/22
Verdict – Short-term neutral to bullish. DCE iron ore September recovered the loss from previous trading day, following the rebound of all commodities, after a clearly oversold sentiment priced-in the market over last week. If a breakthrough on 695.0, iron ore potentially maintain the fast rebounding. Otherwise, iron ore potentially enter a narrowing consolidation …
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Daily Virtual Steel Mill Report 18/07/22
Market Verdict on Iron Ore： • Neutral. Macro • China June excavators working hours at 95.2 hours, down 8.1% on the month, down 13.1% on the year. Japan June working hours at 49.3 hours, up 18.2% on the month, down 4.7% on the year. Europe June working hours at 75.6 hours, down 0.3% on …
Iron Ore Rebounds Slightly As China Asks Banks To Support Property Sector 18/07/22
Iron ore’s brutal decline that saw it tumble nearly 15% last week has been halted, after reports emerged that China’s government has stepped in to resolve the wave of homebuyers’ defaults that sent shockwaves across the economy. Reports that authorities are weighing in and guiding banks to ease credit flows to property developers saw prices …
Iron Ore DCE September Daily Technical Review 15/07/22
Verdict – Short-term neutral to bearish. DCE iron ore September down , created the biggest single day drop since Jun 20th. The gap area from 677- 694.5 became the major resistance area. Hourly CCI slightly picked up approaching the boundary of neutral area. Technical signals were indicating a potential to test low in next …
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Daily Virtual Steel Mill Report 15/07/22
Market Verdict on Iron Ore： • Neutral. Macro • “Hawkish” U.S. Federal official James Bullard favors 75 basis point hike in July, reversed previous view on 100 basis points. FedWatch suggested that the probability of 100 bp hike dropped from 80% to 45% in a day. • China NDRC indicated that the 3% CPI …
China Studies Ending Australia Coal Ban on Supply Fear 15/07/22
China Studies Ending Australia Coal Ban on Supply Fear Chinese bureaucrats studying the energy outlook are proposing to end a near two-year ban on Australian coal as tensions begin to ease and on concerns supply may tighten when Western-led sanctions on Russian energy kick in. The proposal will be submitted to senior leaders, with …
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Iron Ore Drops With Concerns About China’s Property Crisis 15/07/22
Iron Ore Under Pressure as China Property Contagion Fears Rise Iron ore stayed around $100 a ton after sinking Thursday, with the steep drop triggered by long-term pressures on China’s steel industry and homebuyers there boycotting mortgage payments, roiling the property market. Futures plunged almost 8% in Singapore Thursday to the lowest since late …
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Iron Ore DCE September Daily Technical Review 14/07/22
Verdict – Short-term neutral to bearish. DCE iron ore September closes lower than yesterday, however settlement price was slightly higher than yesterday. Iron ore prices was snapped by the significant new sellers entering during the last ten minutes. Intra-day correction tested strong support around 603 – 703.5. A breakdown on this area would potentially …
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Daily Virtual Steel Mill Report 14/07/22
Market Verdict on Iron Ore： • Neutral. Macro • U.S. CPI refreshed 40 -year-high at 9.1%, last 8.6%, est. 8.8%. However U.S. president Joseph Biden believed that the oil price has fallen recently, which yet to reflect in the inflation statistics. • Goldman Sachs expected copper average price at $6700/mt, $7600/mt and $9000/mt in …