Daily Virtual Steel Mill Report 18/07/24

Verdict: • Short-run Neutral.   Macro: • Vale announced unchanged on its production target in 2024 from 310 – 320 million tons. The H1 2024 produced 151 million tons, accounted for 47.19-48.7% of total production target. However, the annual production expected to reach the higher boundary of estimation because of seasonal high delivery in H2. …

Daily Virtual Steel Mill Report 17/07/24

Verdict: • Short-run Neutral.   Macro: • IMF predicted 3.2% and 3.3% growth on global economy in 2024 and 2025 respectively. IMF increased China economy growth from 4.6% to 5%. IMF decreased US economy growth from 2.7% to 2.6%. • Physical gold up 1.92% yesterday, refreshed historical high at $2468.7/oz.   Iron Ore Key Indicators: …

Iron Ore DCE Sep24 Daily Technical Review 15/07/24

Verdict- Neutral. Iron ore rebounded during the day as expected. In next session, iron ore potentially enter a range box from 810.0 – 850.0 unless an effective breakthrough on the boundary. Hourly slow stochastic KD created several higher gold crosses and approached overbought area. Hourly CCI corrected to neutral area. Hourly MACD widened in bullish …