Market Verdict on Iron Ore： • Neutral. Macro： • EU extended sanctions on imports of products from Russia, including steel and materials. Importers are required to prove that the materials they have used are not from Russia. • The USD/CNH once reached new high at 7.24 since November 30th in 2022, because of the …
Author archives: Hao Pei
Iron Ore DCE September23 Daily Technical Review 26/06/23
Verdict- Neutral. DCE Sep23 contract opened low at 785.0 and closed high at 797.0. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD created higher gold cross in neutral area. Hourly CCI broke bearish territory and entered neutral area. Be aware of 812.5, which was the major resistance level from Jun 19th. First support …
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Daily Virtual Steel Mill Report 26/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. PMI in June at 53.0, refreshed three month low, however maintained above 50 for five consecutive months. Iron Ore Key Indicators: • Platts62 $112.15, -0.25, MTD $112.68. Some Chinese sintered facilities suspension, following with macro change including U.S. interest hike and Chinese LPR decrease …
Daily Virtual Steel Mill Report 21/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • The Presiden of Indonesia, Joko Widodo, said that his country would stop exporting refined copper, because this metal would be processed into cathode copper domestically. It is understood that Free economic zone Indonesia and Amman Mineral Internal will complete the construction of smelters next year, …
Iron Ore DCE September23 Daily Technical Review 20/06/23
Verdict- Neutral. DCE Sep23 contract corrected for the second trading day. A further breakdown on 799.0 potentially drive iron ore to a correction. Hourly MACD stayed in bearish area for 90% of times from June 9th. Hourly CCI rebounded from bearish territory to neutral area. Short-run technical was indicating a neutral sentiment at the moment. …
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Daily Virtual Steel Mill Report 20/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • China 1-year length and 5-year length Loan Prime Rate down 10 bps, previously maintained unchanged for 9 months. • China NBS: China produced 16,613 units of excavators, down 25.9% on the year. Total produced 117,524 units of excavators, down 17.8% on the year. Iron …
Iron Ore DCE September23 Daily Technical Review 19/06/23
Verdict- Neutral. DCE Sep23 contract corrected the growth of Friday. As expected, iron ore in DCE maintained a neutral sentiment during the past four trading days. The periodic high became the first resistance level. The first support at 802.0 became a neckline level from hourly chart. Hourly MACD widened in bearish territory. Hourly CCI approached …
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Daily Virtual Steel Mill Report 19/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • Christine Lagarde expected the high inflation would maintain at high level in very long times, ECB potentially increase interest rate in July. • China NBS: China exported 4.57 million tons of flat steel, up 0.7% on the year. Jan-May total exported 23.56 million tons of …
Iron Ore DCE September23 Daily Technical Review 15/06/23
Verdict- Neutral. DCE Sep23 contract rebounded slightly during the trading day, a further breakthrough on 820.5 would potentially drive iron ore into a fast growing phase. Otherwise iron ore is expected to build a periodic roof area from 802.0 – 820.5. Hourly CCI fell out of bullish territory. Hourly MACD was flat during past 4-5 …
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Daily Virtual Steel Mill Report 15/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. lowered the unemployment rate expectation to 4.1%, est. 4.5%. U.S. PPI in May up 1.1%, refreshed new low since December 2020, est. 1.5%, last 2.3%. PPI down 0.3% on the month, est. down 0.1%, last increase 0.2%. • U.S. FOMC announced to maintain unchanged …