Macro: • BOE hiked interest rate by 25bps to 5.25%, which was the 14th interest hike since December 2021. Iron Ore Key Indicators: • Platts62 $103.75, -3.20, MTD $106.75. The seaborne trade was light this week. However Fe60.5% JMBF discount narrowed from $4.4 to $3.95. The steel margin recovery potentially support the resilient demand …
Author archives: Hao Pei
Iron Ore DCE January24 Daily Technical Review 03/08/23
Verdict- Neutral to Bearish. DCE active contract was rolled from Sep23 to Jan24 today, seeing a bigger trading volume and open interest in Jan24. MACD corrected in bearish territory from hourly chart. Slow stochastic KD entered bearish territory in hourly chart. Hourly CCI once tested year-low during the market hours at -362. First support 697.0. …
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Daily Virtual Steel Mill Report 03/08/23
Verdict: Neutral to Bearish Macro: • China CISA proposes cancelling night trading of iron ore, rebar, coking coal and related nine ferrous products. • U.S. ADP in July new jobs increased by 324,000, est. 190,000, last 497,000. Iron Ore Key Indicators: • Platts62 $109.55, -0.50, MTD $109.55. The seaborne trade was light this …
Iron Ore DCE September23 Daily Technical Review 02/08/23
Verdict- Neutral. DCE Sep23 contract corrected during the day, potentially test low at important support at 822.0. Hourly MACD narrowed. Hourly slow stochastic KD corrected after a dead cross. Hourly CCI corrected to bearish territory. First support 822.0. First resistance 849.0.
Daily Virtual Steel Mill Report 02/08/23
Macro: • The China National Development and Reform Commission: select projects with healthy income to encourage the enrollment of private capital, by increasing issuance REITs in infrastructure, promoting qualified private investment projects to issue infrastructure REITs. Iron Ore Key Indicators: • Platts62 $109.55, -0.50, MTD $109.55. Seaborne iron ore market was quiet from last …
Iron Ore DCE September23 Daily Technical Review 01/08/23
Verdict- Neutral. DCE Sep23 contract tested high and returned growth to slight lower closing compared to last trading day at 838.5. Hourly MACD flattened in bullish territory. Hourly CCI tested the bullish boundary and rejected. Iron ore potentially maintain no trend unless creating breakthrough on the range 822.5 – 849.0 in short-run. First support 822.0. …
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Daily Virtual Steel Mill Report 01/08/23
Market Verdict on Iron Ore： • According to CME FedWatch, the probability to maintain interest rate unchanged at September reached 82%, while the probability to hike 25% reached 18%. The probability to maintain unchanged interest rate for November reached 68%. Macro： • European Central Bank President Christine Lagarde stated that interest rate hikes may be …
Iron Ore DCE September23 Daily Technical Review 31/07/23
Verdict- Neutral. DCE Sep23 contract once tested important support on 822.0 and rebound significantly in the late market before close. Hourly MACD narrowed in bearish territory. Hourly CCI rebounded fast. Slow stochastic KD climb up steeply after creating a gold cross in oversold area. The market was waiting for a clearer direction after a big …
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Daily Virtual Steel Mill Report 31/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • European Central Bank President Christine Lagarde stated that interest rate hikes may be raised or suspended in September. Lagarde said that inflation must return to the target level and interest strategies should became restrictive at a certain level and for a period of time. • …
Iron Ore DCE September23 Daily Technical Review 28/07/23
Verdict- Neutral to bearish. DCE Sep23 contract corrected significantly, however supported by 824.5, which was similar level to 824.0 created in July 19th. Thus, some market participants recogonise it as a periodic bottom. However, iron ore in long-run reversed. A breakdown on 824.5 would mean an entrance to bear round. First support 824.5. First resistance …
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