Verdict: • Short-run Neutral. Macro: • The Bureau of the Ministry of Industry and Trade of Vietnam has issued a notice officially launching anti-dumping investigations on hot rolls originating from China and India. From January to June 2024, the total amount of steel exported from China to Vietnam reached 6.37 million tons, a year-on-year …
Author archives: Hao Pei
Iron Ore DCE Sep24 Daily Technical Review 30/07/24
Verdict- Neutral. Iron ore closed 1.5 yuan/ton above last Friday. Hourly MACD narrowed above 0 axis. Hourly KD corrected from overbought area to neutral area. Iron ore potentially keep testing the resistance area from 784.0- 791.0 in next few sessions. A breakthrough on this area would indicate a reversal in mid-run. Otherwise iron ore maintain …
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Daily Virtual Steel Mill Report 29/07/24
Verdict: • Short-run Neutral. Macro: • According to data from the China National Bureau of Statistics, from January to June, industrial enterprises above designated size in China achieved a total profit of 351.103 billion yuan, a year-on-year increase of 3.5%, with a growth rate 0.1% faster than from January to May period. Among them, …
Iron Ore DCE Sep24 Daily Technical Review 25/07/24
Verdict- Neutral. Iron ore corrected dragged by weak global equity market and commodity sector. Hourly slow stochastic KD narrowed in bearish territory. Hourly candles saw support above 761.0. A stand on 761.0 would probably see some bounce back. First support 750.0. First resistance 791.0.
Daily Virtual Steel Mill Report 25/07/24
Verdict: • Short-run Neutral. Macro: • EIA reported that as of the week of July 19th, US crude oil inventories decreased by 3.7 million barrels to 436.5 million barrels. Previously, Reuters survey analysts estimated a decrease of 1.6 million barrels. • China Ministry of Finance statistic indicated that H1 2024 state-owned companies total revenues …
Iron Ore DCE Sep24 Daily Technical Review 24/07/24
Verdict- Neutral. Iron ore tested low and closed 1 yuan/ton above last closing. Hourly MACD narrowed in bearish territory. Hourly CCI entered neutral area from bearish area. Hourly slow stochastic KD created gold cross in oversold area. Technical signals were indicating a consolidation. First support 750.0. First resistance 791.0.
Daily Virtual Steel Mill Report 24/07/24
Verdict: • Short-run Neutral. Macro: • According to NAR, US home sales at 3.89 million units in June, down 5.4% on the month, refreshed lowest since December, 2023. • Russia reimposes gasoline export ban for August, potentially extend this ban for further months if necessary. Iron Ore Key Indicators: • Platts62 $100.40, -2.80, …
Iron Ore DCE Sep24 Daily Technical Review 23/07/24
Verdict- Neutral to Bearish. Iron ore corrected significantly and refreshed new low since April 8th. Hourly MACD widened in bearish territory. Hourly CCI was in bearish area. The past support 791.0 became new resistance. Iron ore potentially test low in the next session. First support 750.0. First resistance 791.0.
Daily Virtual Steel Mill Report 23/07/24
Verdict: • Short-run Neutral. Macro: • Anglo American agreed to sell iron ore, copper and gold royalties to Taurus Funds Management for up to $195 million in cash. Iron Ore Key Indicators: • Platts62 $103.20, -1.15, MTD $108.27. The seaborne trade was extremely quiet in July as physical traders became cautious during a …
Iron Ore DCE Sep24 Daily Technical Review 22/07/24
Verdict- Neutral. Iron ore closed corrected slightly from last Friday. Hourly MACD narrowed in bullish territory, however in general flat. Hourly CCI approached the boundary between neutral and bearish area. Iron ore strong support at 791.0 – 793.5 area. The major resistance area was 808 – 809.5 area. Iron ore potentially maintain neutral unless breakthrough …
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