Market Verdict on Iron Ore： • Neutral. Macro： • The strong typhoon Doksuri landed in eastern China, which potentially cause some downstream work sites and steel mills’ operation halt. • China NBS: H1 industrial value added amount 3.38 trillion yuan, down 16.8% on the year, improved by 2% from Jan – May. Iron …
Author archives: Hao Pei
Iron Ore DCE September23 Daily Technical Review 26/07/23
Verdict- Neutral. DCE Sep23 contract refreshed new high since March 15th. The contract gave back some gains after creating new high. Hourly MACD maintained in bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish territory to neutral area. Be aware of DCE rolling resist the growth of …
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Daily Virtual Steel Mill Report 26/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • IMF increased the global GDP increase from 2.8% in April to 3%. Iron Ore Key Indicators: • Platts62 $116.75, +2.25, MTD $112.51.The fast narrowed discount in MACF potentially mean JMBF became cheaper with a stable wide discount. There was JMBF traded at $4 discount …
Iron Ore DCE September23 Daily Technical Review 25/07/23
Verdict- Neutral. DCE Sep23 contract broke important resistance during the last two weeks at 551.5- 554.5 area. Hourly slow stochastic KD approached overbought area. Hourly CCI tested high and corrected. Be aware of events driven potentially see taking gains in short-run. First support 823.5. First resistance 884.0.
Daily Virtual Steel Mill Report 24/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • China vowed at a key economic policy meeting to optimize and adjust policies for the property sector yesterday. Iron Ore Key Indicators: • Platts62 $114.50, -0.85, MTD $112.25. MACF saw active trades again yesterday, with a fixed trade at $112.1/dmt and a float price …
Iron Ore DCE September23 Daily Technical Review 24/07/23
Verdict- Neutral. DCE Sep23 contract corrected, however in general maintain in rangebound trading. Hourly MACD flattened in oversold area. Hourly CCI approached bearish boundary. The higher lows from hourly charts were indicating a strong support. However the resistance area from 851.5- 854.5 last for two weeks. First support 823.5. First resistance 854.5.
Daily Virtual Steel Mill Report 24/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • China announced support for property construction by saying the government will boost the renovation of urban villages. It will also seek more private capital in the projects to expand domestic demand and push forward development of cities. Iron Ore Key Indicators: • Platts62 $115.35, …
Iron Ore DCE September23 Daily Technical Review 21/07/23
Verdict- Neutral. DCE Sep23 contract tested high and corrected approaching the level of last closing. Iron ore was rejected by 851.5-854.5 area for four trading days out of the last six trading days. A breakthrough of this area potentially accelerates the rebound, with previous buyers cut loss. However, the market saw exhaustion on the current …
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Daily Virtual Steel Mill Report 21/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • Bloomberg: major economists believed that the next interest rate increase would ended 16 months interest hike. • Platts62 $116.25, +2.25, MTD $111.87. Seaborne market became quiet during the past two days. There was secondary trade on PBF at $1.1 based on August Index. Be aware …
Iron Ore DCE September23 Daily Technical Review 20/07/23
Verdict- Neutral. DCE Sep23 contract traded in wide rangebound during this week, however the intraday high broke periodic high at 851.5. Hourly slow stochastic KD reached overbought area. Hourly CCI reached bullish territory. First support 823.5. First resistance 852.5