Market Verdict on Iron Ore： • Neutral to bullish. Macro • Balkin, Secretary General of OPEC, said that the oil and gas industry was being “Besieged” due to years of insufficient investment. He added that if Iran and Venezuela were allowed to bring more supplies, the shortage could be alleviated. Balkin predicted that the …
Author archives: Hao Pei
U.S. Imposed New Sanctions On Iranian Oil Sales Network 07/07/22
U.S. tightens sanctions on Iran, targets Chinese, Emirati firms over oil The United States on Wednesday imposed sanctions on a network of Chinese, Emirati and other companies that it accused of helping to deliver and sell Iranian petroleum and petrochemical products to East Asia, pressuring Tehran as it seeks to revive the 2015 Iran …
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Iron Ore Rebounds With Steel Mills Trying to Stabilize Market 06/07/22
Iron ore rose — after dropping 12% in a four-day run of declines – following a report that a group of steel mills in southwestern China are trying to stabilize the market. Steel producers in the region held a meeting over the weekend to discuss measures, including limiting output, according to a statement from …
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Iron Ore DCE September Daily Technical Review 05/07/22
Verdict – Short-term neutral to bullish. DCE iron ore September contract filled the first gap after broke through the resistance at 735.5. Iron ore rebounded with significantly increased volume and open interest, indicating the reversal of a trend approaching. If breakthrough next gap resistance around 786.0, iron ore expected to accelerate rebound. The …
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Daily Virtual Steel Mill Report 05/07/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • Global June PMI 52.3, down 0.1 from May. U.S. PMI 56.1 down 3.1, lower than estimated 54.5. Euro Zone PMI 52.1, fell in estimation. U.K. PMI 52.8, refreshed new low from the June 2020. New emerging economies PMI 51.7, first time on mid …
Iron Ore DCE September Daily Technical Review 04/07/22
Verdict – Short-term neutral to bearish. DCE iron ore September contract corrected during the day as expected from previous report. Iron ore created two gaps during the past three trading days. As a result, the current two resistance were consisted of the lower boundary of last two gaps. Hourly MACD narrowed below 0 axis. …
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Daily Virtual Steel Mill Report 04/07/22
Market Verdict on Iron Ore： • Neutral. Macro • China 100 cities new built houses traded 28.37 million square meters in June, up 37% from May, down 34% on the year. The year-on-year growth slowed down. Iron Ore Key Indicators: • Platts62 $116.45, -3.65, Jul Avg $116.45. The physical July and August iron …
Iron Ore DCE September Daily Technical Review 01/07/22
Verdict – Short-term neutral to bearish. DCE iron ore September contract corrected significantly during the day, the low of the day fell on the important resistance at 745.0, which was a Fibonacci number in range 698.5- 822.5. Hourly MACD widened below 0 axis. Hourly slow stochastic KD entered oversold area without seeing signs of …
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Daily Virtual Steel Mill Report 01/07/22
Market Verdict on Iron Ore： • Neutral. Macro • Opec and Non-Opec oil production countries decided to increase 648,000 barrels of crude oil production in August. • Global central banks revealed that inflation control was the most important thing although the process potentially eliminate the economy growth. Iron Ore Key Indicators: • Platts62 …
China June Steel PMI Hits Decade Low Amid High Inventory 01/07/22
China’s steel industry purchasing manager’s index for June hit its lowest level in over a decade, with the government’s pledge to go all-in on infrastructure spending to rescue the economy yet to register with producers. The steel PMI tumbled to 36.2, deep in contraction, with new orders plummeting to 25.9, according to official figures released …
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