FIS API Blog
Verdict – Short-term consolidation. Iron ore tested high and give back all gains, along with 4% of open interest loss in last twenty minutes. Return to bull market needs a breakthrough on 861.5. From hourly chart, Slow stochastic created a dead cross near overbought area. CCI created dead cross with iron ore price. Slow stochastic …
Continue reading “Iron Ore DCE September Daily Technical Review Jul 22nd”
Ferrous Market Updates – Ganggu construction steel production 5.79 million tonnes, up 0.41% w-o-w. Mills inventory 5.28 million tonnes up 4.59% w-o-w. Circulation inventory 11.25 million tonnes, up 1.17% w-o-w. – MySteel Australia and Brazil iron ore delivery at 24.2 million tonnes, up 925,000 tonnes w-o-w. Australia delivery to China 16.46 million tonnes, up 1.998 …
Verdict – Short-term bearish. Maintain Short-term bearish as last week. However daily low was higher than Friday and iron ore entered a slower correction phase. From hourly chart, iron ore entered a narrowed descending triangle area with lower highs and almost flat lows around 807.0 level. However daily slow stochastic KD is creating dead cross …
Continue reading “Iron Ore DCE September Daily Technical Review Jul 16th”
Ferrous Market Updates – Steelbank inventories 7.34 million tonnes, up 1.41% y-o-y. HRC inventories 1.81 million tonnes, down 1.37% y-o-y. – Tangshan increased production curb level from last week and this week. Most of the curb is related to sintering machine. Thus decreasing usage of iron ores and cokes in Tangshan Area. – China southern …
Ferrous Market Updates – Mysteel mills inventory 16.13 million tonnes. Inventory turnover in 23 days. – MySteel Rebar Inventory: Rebar production 3.83 million tonnes, down 1.49% w-o-w. Mills inventory 3.31 million tonnes, down 3.22% w-o-w. Circulation inventory 8.42 million tonnes, up 2.99% w-o-w. – Economic Data – China Q2 GDP down 3.2% y-o-y, up 11.5% …
Verdict – Short-term neutral. DCE iron ore tested low over last night and recovered the loss during day session. Daily iron ore closed with a doji. Both high and lows are narrower than yesterday. The strong support is on 823.5 area, price reverse several times during this week. If iron ore breakthrough 845.0, it will …
Continue reading “Iron Ore DCE September Daily Technical Review Jul 15th”
Ferrous Market Updates – Ganggu Construction Steel Inventory: production 5.77 million tonnes, up 15,700 tonnes w-o-w. Mills inventory 5.05 million tonnes, down 354,300 tonnes w-o-w. Circulation inventory 11.13 million tonnes, up 207,000 tonnes w-o-w. – MySteel 45 port previous week iron ore arrived 23.45 million tonnes, down 656,000 tonnes w-o-w. Northern six ports arrivals at …
Verdict – Short-term neutral to bullish. DCE iron ore rebounded and saw massive short covering during Asian hours. Daily candle successfully created new high and led iron ore to bullish territory in mid-run. However from hourly chart, slow stochastic KD is narrowing above over-bought area. CCI is correcting to 100 area from the weekly high. …
Continue reading “Iron Ore DCE September Daily Technical Review Jul 13th”