Verdict: • Short-run Neutral. Macro: • OECD published reports that the global crude steel production reached 2.499 billion tons in 2023, up 57.1 million tons on the year, or 2.3%, up 91.6 million tons from 2019. • Eurozone January Manufacturing PMI reached 46.6, created 10-year-high, estimated 44.8, last 44.4. Iron Ore Key Indicators: …
Author archives: Hao Pei
Iron Ore DCE May24 Daily Technical Review 24/01/24
Verdict- Neutral. DCE May24 contract rebounded following Asian equity warming. In hourly chart, CCI returned to bullish territory. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD entered overbought area. The open interest of May 24 contract was almost unchanged from late December, suggesting that the market was lack of long-term investment. Thus, a …
Continue reading “Iron Ore DCE May24 Daily Technical Review 24/01/24”
Daily Virtual Steel Mill Report 24/01/24
Verdict: • Short-run Neutral. Macro: • The Bank of Japan announced that it will maintain its current monetary policy unchanged and continue to adhere to the inflation control target of 2%. The Bank of Japan kept the short-term interest rate at negative 0.1% and kept the long-term interest rate at zero by purchasing long-term …
Iron Ore DCE May24 Daily Technical Review 23/01/24
Verdict- Neutral. DCE May24 contract rebounded during the trading day. However it is hard to confirm a bullish run since the last four hours candles were on consolidating in a narrow rangebound. Hourly CCI retreated from bullish area to neutral area. First support 945.5. First resistance 971.5.
Daily Virtual Steel Mill Report 23/01/24
Verdict: • Short-run Neutral. Macro: • Maersk diverts ME2 service around the Cape of Good Hope because the situation around Redsea and the Gulf of Aden remained unstable. Iron Ore Key Indicators: • Platts62 $129.45, -1.10, MTD $135.17. There was no seaborne trade yesterday. Although there was a small recovery on pig iron …
Iron Ore DCE May24 Daily Technical Review 22/01/24
Verdict- Neutral. DCE May24 contract traded within narrow rangebound during the day as expected. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI broke overbought area to neutral area. Short-run technical signals were indicating a slow movement for iron ore market. First support 915.0. First resistance …
Continue reading “Iron Ore DCE May24 Daily Technical Review 22/01/24”
Daily Virtual Steel Mill Report 22/01/24
Verdict: • Short-run Neutral to Bearish. Macro: • US existing home sales decline to historical worst since 1995, contract closings decreased by 1% from a month earlier to a 3.78 million annualised rate. • US January inflation rate reached 2.9%, refreshed the lowest since 2020. Iron Ore Key Indicators: • Platts62 $130.55, -0.50, …
Daily Virtual Steel Mill Report 19/01/24
Verdict: • Short-run Neutral to Bearish. Macro: • US jobless claims reached 187,000, estimated 205,000, last 202,000. • China Customs Statistics: China total exported 59.63 million tons of flat steels in 2023, up 40.6% on the year. China total exported 10.81 million tons of long steels, up 42.6%. China total imported 474.42 million tons …
Iron Ore DCE May24 Daily Technical Review 18/01/24
Verdict- Neutral. DCE May24 contract rebounded following Asian equity warming. In hourly chart, MACD widened in bullish territory. CCI entered bullish area. Slow stochastic KD rebounded after a gold cross created above bearish territory. First support 915.0. First resistance 960.0.
Daily Virtual Steel Mill Report 18/01/24
Verdict: • Short-run Neutral. Macro: • BHP produced 72.67 million tons of iron ore in its Pilbara mining area, up 4.6% from Q3, down 2.2% on the year. BHP sold 70.34 million tons of iron ore, down 2% from Q3, down 3.2% on the year. BHP produced 11.4 million tons in Q4, up by …