Daily Virtual Steel Mill Report 20/10/23

Verdict: • Short-run Neutral.   Macro: • US 10-Year-Bond yield reached 4.996%, the highest since July 2007. • China NBS: From January to September, China produced 176.62 million tons of long steel, up 0.3% on the year. China produced 742.77 million tons of iron ore, up 6.1% on the year. China produced 36.83 million tons …

Iron Ore DCE January24 Daily Technical Review 19/10/23

Verdict- Neutral. DCE Jan24 contract tested high and rejected by similar level at 875.0. Hourly MACD narrowed in bearish territory. Hourly CCI rejected by bullish territory. A breakthrough on 875.0- 881.5 would trigger an acceleration on the growth. Otherwise, iron ore potentially maintain consolidation in neutral sentiment. First support 857.5. First resistance 881.5.  

Daily Virtual Steel Mill Report 19/10/23

Verdict: • Short-run Neutral.   Macro: • US 10-Year-Bond yield reached 4.845%, the highest since July 2007. • IMF report estimated Asia-Pacific growth rate reached 4.6% in 2023.   Iron Ore Key Indicators: • Platts62 $118.35, -2.00, MTD $118.50. Seaborne iron ore saw stable trades during the week, most of which were fixed price trade. …

Daily Virtual Steel Mill Report 18/10/23

Verdict: • Short-run Neutral.   Macro: • World Steel Association(WSA) published steel consumption report in 2023-2024, indicating the demand for 2023 estimated to increased by 1.8% at 1.8145 billion tons. The growth rate for 2024 estimated to reach 1.9%. • China NBS: industrial utilisation rate at 75.6% in Q3, up 1.1% from Q2.   Iron …

Daily Virtual Steel Mill Report 17/10/23

Verdict: • Short-run Neutral.   Macro: • Russia increased crude oil export tax to $26.2/mt effective from November 1st. • China listed companies started to unveil buyback plans. The companies were state-owned giants including Sinopec, Baoshan Iron and Steel and COSCO. Market participants expected more buyback plans emerged in the rest of October.   Iron …

Daily Virtual Steel Mill Report 16/10/23

Verdict: • Short-run Neutral.   Macro: • China credit growth held steady in September with rapid government bond issuance to fund infrastructure sector, while strong mortgage lending statistics offsetting the decreasing new bank loans. M2 increased 10.3% in September on the year, last 10.6%, est. 10.6%.   Iron Ore Key Indicators: • Platts62 $118.45, +0.25, …