Market Verdict on Iron Ore： – Neutral. Macro – The day before chairman Powell’s important speech, hawkish officials of the Federal Reserve urged to start reducing the Treasury Bond purchase plan. They believe that the plan has become ineffective or even harmful. Iron Ore Key Indicators: – Platts62 $153.35, +3.90, MTD $159.72. – MySteel 45 …
Author archives: Hao Pei
Daily Virtual Steel Mill Report 26/8/21
Market Verdict on Iron Ore： · Neutral to bullish Macro · S&P 500 and Nasdaq closed on prehistoric high yesterday. Iron Ore Key Indicators: · Platts62 $149.45, +0.85, MTD $160.09. · Brazil Minas Gerais State No. 8 iron ore miner received environment approval by the end of year 2021, and the miner will immediately start …
Iron Ore DCE Jan Daily Technical Review 26/8/21
Verdict – Short-term neutral. DCE iron ore January contract reached 7 day high intra-market, however gave back most of gains. In general iron ore maintained oversold rebound this week. However 844.0 rejected iron six times from hourly chart, which was a strong resistance in short-run. Hourly candles created higher consolidation area, and proved a rebound …
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Iron Ore DCE Jan Daily Technical Review 25/8/21
Verdict – Short-term neutral. DCE iron ore January contract correct slightly during the day. Hourly stochastic KD created dead cross in the second hour of this Asian morning. CCI corrected for consecutive 6 hours. Hourly MACD also flattened. However daily MACD potentially create gold cross. The short-run and mid-run technical signals were conflicting at the …
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Daily Virtual Steel Mill Report 25/8/21
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · From January to July, China issued 3997.9 billion yuan of local government bonds, a year-on-year increase of 6.37%. In July, the country issued 656.8 billion yuan of local government bonds. About 50% of the new special bonds issued by local governments from January …
FIS Weekly Virtual Steel Margin Report 24/08/2021
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Iron Ore DCE Jan Daily Technical Review 23/8/21
Verdict – Short-term neutral. DCE iron ore January contract gave back most of gains created by last Friday. Hourly MACD weakened. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI corrected to bearish area from bullish area fast. The short support 735.0 was strong, which used to create a market reversal. However …
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Daily Virtual Steel Mill Report 23/8/21
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · U.S. Dollar reached the highest since last November on last Friday. Dollar entered a strong cycle. Iron Ore Key Indicators: · Platts 62% 139.10 (+8.90), MTD 163.36. · Jan -Jul China recycled iron and steel imported 420,500 tonnes. Major import from Japan. SGX …
China Wuxi Cobalt Index Weekly Technical Review 23/8/2021
Verdict – Short-term neutral to bullish. China Wuxi Cobalt slight rebound but in general maintained stable during the past week. However MACD is creating a gold cross. Daily slow stochastic KD created gold cross above oversold area. CCI rebounded fast to reach bullish area. A potential bottom area is created if Cobalt rebounded with volume …
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Daily Virtual Steel Mill Report 20/8/21
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · China National Bureau of Statistics: Excavators production in July 18,357 sets, down 18.4% y-o-y. Jan-Jul total produced 232,633 sets, up 22.7% y-o-y. The year on year growth rate has decrease for consecutive four months. · 500 concrete companies in China indicated last week …