Daily Ferrous Physical Review Nov 9th

Ferrous Market –    Steelbank: China contruction steel inventory 6.73 million tonnes, down 11.18% w-o-w. HRC 2.38 million tonnes, down 6.8% w-o-w. –    MySteel researched Tangshan 10 sample steel mills profit 332 yuan/tonnes, up 67 yuan w-o-w. Billet cost after tax down 7 yuan w-o-w. –    China Jan-Oct iron ore import at 975 million tonnes, up …

Iron Ore DCE January Daily Technical Review Nov 6th

Verdict – Short-term neutral. DCE iron ore consolidate in narrow range for the third trading day during the week. Trading volume down 32% from yesterday. Short-run correction needs to breakdown 772.5. At the same time, a rebound needs a breakthrough with volume on 805.5 level. Hourly slow stochastic is potential to create dead cross below …

Daily Ferrous Physical Review Nov 6th

Ferrous Market –    MySteel 45 ports iron ore inventories at 128.12 million tonnes, up 482,500 tonnes w-o-w. Daily evacuation 3.1986 million tonnes, up 68,000 tonnes w-o-w. Australia iron ore 60.72 million tonnes, up 418,000 tonnes w-o-w. Brazil iron ore 39.56 million tonnes, up 174,000 tonnes w-o-w. 133 ships at ports, down 16. –    Mysteel researched …

Iron Ore DCE January Daily Technical Review Nov 5th

Verdict – Short-term neutral to bearish. Iron ore morning session saw a big increase on new short which drive down price. In the afternoon the recover was also due to a short covering. As a result, iron ore short positions have more initiatives compared with long positions. A breakdown on next resistance 772.5 would smash …

Daily Ferrous Physical Review Nov 5th

Ferrous Market –    Tangshan area 10 mills gross profit up 47 yuan to 302 yuan/tonne from last week. –    Some Tangshan trade sources indicate HRC rolling mills stop operation from 4th – 6th. Some structural steel mills stopped operation again after previous curb end in Nov 1st, restart date to be announced. –    Vale resorted …

Iron Ore DCE January Daily Technical Review Nov 4th

Verdict – Short-term neutral to bearish. DCE iron ore tested 805.5 five times from hourly chart since Oct 16th. However the supports are becoming higher. The current range area is 783.5 – 805.5, a rejection on both bounds would maintain iron ore in consolidation. Open interest evaporated significantly by 40,000 lots, the biggest single down …

Daily Ferrous Physical Review Nov 4th

Ferrous Market –    Ganggu Construction Steel Inventory: production 5.32 million tonnes, up 17,800 tonnes w-o-w. Mills inventory 3.82 million tonnes, down 301,500 tonnes w-o-w. Circulation inventory 8.66 million tonnes, down 704,400 tonnes w-o-w. –    Eurofer estimated steel apparent consumption down 14.6% in the year 2o2o, previous expected down 16.6%. Expected apparent consumption up 13% in …

Iron Ore DCE January Daily Technical Review Nov 2nd

Verdict – Short-term neutral. DCE iron ore created doji and rejected by major resistance arround 805.5. Hourly candles are indicating iron ore created an ascending triangle, a short-run bullish pattern. However iron ore needs to confirm breakthrough level 805.5. Otherwise potentially narrowing in smaller range. Hourly MACD is also weakening. Hourly slow stochastic KD is …

Daily Ferrous Physical Review Nov 2nd

Ferrous Market –    Steelbank Inventory: construction steel inventories 5.80 million tonnes, down 8.15% w-o-w. HRC 2.09 million tonnes, down 3.33% w-o-w. –    China ferrous physical market rebounded over weekends, coke up 50 yuan as the six round of increase. Eastern steel mills rebar up 50 yuan in Monday morning. Eastern China heavy scrap up 50 …

Iron Ore DCE January Daily Technical Review Oct 30th

Verdict – Short-term neutral. DCE iron ore rebounded during the day, however the daily high failed to break the major resistance at 805.5. If a rejection further at 805.5 would bring iron ore back to consolidation. A breakthrough would lift iron ore to a short-run bullish trend. From hourly chart, slow stochastic KD created gold …