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Verdict – Short-term neutral. DCE iron ore consolidated within the narrow range from 972.0 – 998.0. A breakdown on 959.0 would indicate iron ore back to bearish territory. A breakthrough on 1005.0 would potentially initiate a new round of strong rebound. Hourly CCI started to grow from 29th. Technical signals were indicating iron ore consolidate. …
Continue reading “Iron Ore DCE May Daily Technical Review Dec 31st”
Ferrous Market – MySteel Australia and Brazil iron ore total delivery at 29.75 million tonnes, down 4.58 million tonnes w-o-w. Australia iron ore delivery 21.72 million tonnes, up 3.42 million tonnes w-o-w. Australia delivery to China 18.54 million tonnes, up 4.23 million tonnes w-o-w. Brazil iron ore delivery 8.03 million tonnes, up 1.16 million tonnes …
Verdict – Short-term neutral to bearish. DCE iron ore created the high since December 10th, the first significant resistance at 1005.5. A breakdown on 959.5 potentially bring market back to bearish territory. From hourly chart, MACD was narrowing below 0 axis. Hourly slow stochastic KD created gold cross on the upper bound of oversold area. …
Continue reading “Iron Ore DCE May Daily Technical Review Dec 30th”
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Verdict – Short-term neutral to bearish. DCE iron ore retreated after rejection below important resistance at 1069.5 last Friday. Mid-run iron ore consolidate between 992.0-1069.5 area. However a breakdown on 990.5-992.0 area would indicate a potential reversal to bearish territory in long-run. Hourly CCI corrected from one week high to one week low during one …
Continue reading “Iron Ore DCE May Daily Technical Review Dec 28th”
Ferrous Market – Steelbank Inventory: construction steel inventories 2.87 million tonnes, down 3.55% w-o-w. HRC 1.39 million tonnes, up 12.65% w-o-w – China January to November above scale industry companies net profit 5.74 trillion yuan, up 2.4% y-o-y, up 1.7% compared to January to October. Ferrous and steel pressing down 9.9% y-o-y. – The flat …
Verdict – Short-term neutral. DCE iron ore rejected by 1069.5, the important resistance level. From hourly chart, hourly MACD created gold cross. Slow stochastic KD widened and increase. CCI created new high during the week. Technical signals were indicating potential to create new high. The first support is 1005.0. The first resistance is 1069.5
Ferrous Market – Tangshan 10 sample steel mills pig iron before tax 2702 yuan/tonne, billet cost 3474 yuan/tonne, up 110 yuan/tonne w-o-w. Gross profit 396 yuan/tonne, up 100 yuan/tonne. – China will reduce some waste metal custom tax to 0. Mongolia coke custom tax reduced from 5% to 2.5%. – MySteel Rebar Inventory: Rebar production …
Verdict – Short-term neutral. DCE iron ore spiked and retreat from the high during last trading hour. Iron ore consolidate in the range 1027.5- 1059.0 area in short-run potentially. Hourly slow stochastic KD potentially create dead cross. Hourly MACD flattened during last two hours. Technical signals were indicating neutral. The first support is 1127.5. The …
Continue reading “Iron Ore DCE May Daily Technical Review Dec 24th”
Ferrous Market – Ganggu Construction Steel Inventory: production 5.31 million tonnes, up 40,100 tonnes w-o-w. Mills inventory 4.46 million tonnes, up 47,800 tonnes w-o-w. Circulation inventory 5.58 million tonnes, down 92,600 tonnes w-o-w. – MySteel Australia and Brazil iron ore total delivery at 25.17 million tonnes, up 2.45 million tonnes w-o-w. Australia iron ore delivery …