Verdict: • Short-run Neutral. Macro: • China NBS: In April, China’s crude steel production was 85.943 million tons, a year-on-year decrease of 7.2%. Crude steel production from January to April was 34.3672 million tons, a year-on-year decrease of 3.0%. China’s iron ore production reached 87.904 million tons, a year-on-year increase of 11.5%. The cumulative …
Author archives: Hao Pei
Iron Ore DCE Sep24 Daily Technical Review 21/05/24
Verdict- Neutral. DCE Sep24 rebounded during last half hour with growing open interest. Hourly MACD narrowed in bullish territory. The hike was believed as testing pressure on 906.0 level. If iron ore stand on 906.0, the price expected to strengthen. Otherwise iron ore potentially consolidate in the old range between 870.0 – 906.0 again. First …
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Daily Virtual Steel Mill Report 21/05/24
Verdict: • Short-run Neutral. Macro: • BOE’s Broadbent said UK interest rate may drop this summer. • Chinese builder Vanke took on more loans with 1.2 billion yuan deal. Iron Ore Key Indicators: • Platts62 $118.50, +0.50, MTD $117.02. The fast depleting on IOCJ supported the high grade price. In general, MB65- P62 …
Iron Ore DCE Sep24 Daily Technical Review 20/05/24
Verdict- Neutral. DCE Sep24 refreshed 4-months high at 906.0 and corrected sooner after that. Hourly slow stochastic KD created dead cross near the boundary of bullish area and corrected. Hourly CCI dropped from bullish territory to neutral area. Iron ore would supported by 878.5 and also see heavy resistance at 906.0. First support 878.5. First …
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Daily Virtual Steel Mill Report 20/05/24
Verdict: • Short-run Neutral. Macro: • The United Nations has released the “2024 World Economic Situation and Outlook” report, which shows that compared to January 2024, the United Nations is more optimistic about the world economic outlook and has raised its global economic growth forecast for this year from 2.4% at the beginning of …
Iron Ore DCE Sep24 Daily Technical Review 16/05/24
Verdict- Neutral. DCE Sep24 rebounded during the day as we mentioned signals of rebound. However, from hourly chart iron ore saw three lower highs and lower lows, which created a downward trend. A reversal of this trend need to break through 890.0 – 902.0 area. Hourly MACD widened in bullish area. Hourly slow stochastic KD …
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Daily Virtual Steel Mill Report 16/05/24
Verdict: • Short-run Neutral to Bearish. Macro: • US April CPI up 3.4%, est. 3.4%, last 3.5%. PCE down 3.6% on the year, created biggest annual basis drop since April 2021. Iron Ore Key Indicators: • Platts62 $114.15, -0.90, MTD $116.78. The pellets were traded higher during this week in Asian market. However the …
Iron Ore DCE Sep24 Daily Technical Review 15/05/24
Verdict- Neutral. DCE Sep24 corrected during the past trading day, however regained support at 851.0 level. Hourly slows stochastic KD created gold cross above oversold area. Hourly CCI return to neutral area. Hourly MACD widened in bearish territory. Maintain neutral verdict in short-run as long as iron ore standing above 851.0 level. First support 851.0. …
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Daily Virtual Steel Mill Report 15/05/24
Verdict: • Short-run Neutral to Bearish. Macro: • US April PPI up 0.5% on the month, est. 0.3%, last 0.2%. US April PPI up 2.2% on the year, est. 2.2%, last 2.1%. • US president Joe Biden was raising levies on semi-conductors, batteries, solar cells and some critical minerals, in addition to last reported …
Iron Ore DCE Sep24 Daily Technical Review 14/05/24
Verdict- Neutral. DCE Sep24 gave back all gains created yesterday. Iron ore still consolidate in the range from 855.0- 891.0 from April 24th. Hourly MACD created dead cross, however seeing flatter movement. Hourly slow stochastic KD corrected after a dead cross. Hourly CCI was approaching oversold boundary. Maintain neutral unless an effective breakdown on 855.0. …
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