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 …
Author archives: Hao Pei
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. …
Iron Ore DCE January24 Daily Technical Review 18/10/23
Verdict- Neutral. DCE Jan24 contract rejected by 876.5 level and eyeing a periodic high around that level. Hourly CCI fell from bullish territory to neutral area. Hourly MACD created dead cross in bullish area. Hourly slow stochastic KD created dead cross in overbought area. First support 857.5. First resistance 881.5.
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 …
Iron Ore DCE January24 Daily Technical Review 17/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. Hourly slow stochastic tested high in overbought area. Hourly MACD widened in bullish territory. Be aware of the range between 873.5 -881.5, which used to be a reversal area for the market in late September. First support 857.5. First resistance 881.5.
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 …
Iron Ore DCE January24 Daily Technical Review 16/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. Hourly slow stochastic reached overbought area. Hourly CCI reached bullish territory. Hourly MACD widened in bullish territory. First support 840.0. First resistance 881.5.
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, …
Iron Ore DCE January24 Daily Technical Review 13/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. Hourly slow stochastic was testing overbought area. Hourly MACD widened in bullish territory. In short-run, iron ore potentially extends the bullish sentiment. First support 832.5. First resistance 858.0.