Daily Virtual Steel Mill Report 9/8/21

Market Verdict on Iron Ore: ·         Iron ore short-run neutral. Macro ·         China National Bureau of Statistics: July CPI up 1% from June, up 0.3% y-o-y. July PPI up 9% y-o-y, from 0.5% from August. Jan- July Manufacturing ex-work price up 5.7% y-o-y, Manufacturing purchase price up 7.9% y-o-y. Iron Ore Key Indicators: ·         Platts …

Daily Virtual Steel Mill Report 6/8/21

Market Verdict on Iron Ore: ·         Iron ore neutral. Macro ·         IMF: global economic growth will reach 6% in 2021, which is a high forecast and the highest global growth rate in the past few decades. ·         New Typhoon landed in southern China, which will impact four southern provinces with heavy rain for the coming …

Iron Ore DCE Jan Daily Technical Review 5/8/21

Verdict – Short-term neutral to bearish. DCE iron ore September rolled to January during this week. The big correction with greater volume during a rolling period indicated major investors were slight bearish in the after market of iron ore. Hourly chart candles entered stable over the afternoon session. A hold up on 873.0 level would …

Daily Virtual Steel Mill Report 5/8/21

Market Verdict on Iron Ore: ·         Iron ore short-run neutral to bearish. Macro ·         U.S. July Markit service PMI 59.9, est. 59.8, last 59.8. Composite PMI 59.9, last 59.7. ·         The three departments of China encouraged four kinds of household appliance manufacturers such as TV sets, refrigerators, washing machines and air conditioners to carry out …

Iron Ore DCE Sep Daily Technical Review 4/8/21

Verdict – Short-term neutral. DCE iron ore September re-entered into a new consolidation area in the first few trading days of August. Hourly MACD expanded above 0 axis. Hourly slow stochastic KD rebounded. A continuance of rebound need a confirm to break 1077.0, however the resistance around 1100.0 was significant. Short-run consolidation in narrowing range. …

Daily Virtual Steel Mill Report 4/8/21

Market Verdict on Iron Ore: ·         Iron ore short-run neutral. Macro ·         China Caixin July PMI 54.9, est. 50.5, last 50.3. ·         China Automobile Association: China July Automobile sales 1.82 million, down 9.7% m-o-m, down 13.8% y-o-y. ·         Since the end of July, China weather has gradually improved, the local market demand has recovered rapidly, …

Iron Ore DCE Sep Daily Technical Review 2/8/21

Verdict – Short-term neutral, slow down on correction. DCE iron ore September recover after a huge correction, as expected last Friday. Hourly MACD potentially create a gold cross. Hourly slow stochastic KD potentially rebound from oversold area. Hourly CCI created a multiple bottom areas and rebound to neutral area. Technical signals were indicating an oversold …

Daily Virtual Steel Mill Report 2/8/21

Market Verdict on Iron Ore: ·         Iron ore short-run oversold, potential to maintain rebound and test high. Macro ·         China political conference required to maintain commodity price stable. China central bank propose to maintain a stable monetary in the second half year of 2021. ·         Jiangsu closed 55 highway exits and entrances because of the …

Daily Virtual Steel Mill Report 30/7/21

SGX Iron Ore 62% Futures& Options Open Interest (Jul 29th) ·         Futures 91,720,000 tonnes(Increase 3,532,700 tonnes) ·         Options 86,299,400 tonnes(Increase 700,000 tonnes) Steel Key Indicators ·         The Tariff Commission of the State Council announced that the export of ferrochromium and high-purity pig iron will be appropriately increased from August 1st, 2021, and the export tax …