Market Verdict on Iron Ore： • Neutral to bearish. Macro: • Europe council predicted that Eurozone GDP average growth rate at 0.3%, lower than last expectation at 2.3% in early 2022. • U.S. FOMC participants indicated a slow down on interest hike, yet to see any sign of interest decrease in 2023. Iron …
Author archives: Hao Pei
Iron Ore DCE May23 Daily Technical Review 04/01/22
Verdict – Short-term neutral. DCE iron ore May23 contract entered a short-run correction tunnel observed from hourly chart. As expected from last report, iron ore tested the import support of 40-hour moving average. A breakdown on this support level periodically indicated a mid-run level correction start. Hourly MACD widened below 0 axis. Hourly slow stochastic …
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Daily Virtual Steel Mill Report 04/01/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro: • China’s Ministry of Finance: In 2023, China will appropriately increase fiscal expenditure, promote recovery of consumption market. • Many dry bulk shipowners will have to slow steam their fleets for their vessels to achieve a passing rating in the International Maritime Organization’s (IMO) …
Iron Ore DCE May23 Daily Technical Review 03/01/22
Verdict – Short-term neutral. DCE iron ore May23 contract corrected as expected. Hourly slow stochastic KD created a dead cross below overbought area. Iron ore maintained above 40-hour moving average after November 25th. Thus, it take sometime to evaluate a real correction at this level. Moreover, the intraday low used to be strong support last …
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Iron Ore DCE May23 Daily Technical Review 30/12/22
Verdict – Short-term neutral. DCE iron ore May23 contract refreshed listed high during the day, mid-run maintain bullish trend. Be aware of short-run reversal across holiday. DCE may was almost flat to January. Thus, futures on far month was valued at high level. The first support is 841.5. The first resistance is 875.0
Daily Virtual Steel Mill Report 30/12/22
Market Verdict on Iron Ore： • Neutral. Macro: • China’s Ministry of Finance: In 2023, China will appropriately increase fiscal expenditure, promote recovery of consumption market. • U.S. jobless claim increased 9,000 to 225,000, as expected. • Australia and India signed an agreement ECTA, aiming to decrease the bilateral taxes. Iron Ore Key …
Iron Ore DCE May23 Daily Technical Review 29/12/22
Verdict – Short-term neutral. DCE iron ore May23 contract broke important resistance at 841.5, refreshed periodic high at 847.0 during the day. However be aware of correction and test 841.5 as a support. Hourly MACD maintained in bullish territory for four trading days, iron ore maintained in bullish territory in mid-run. In short-run, iron ore …
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Daily Virtual Steel Mill Report 29/12/22
Market Verdict on Iron Ore： • Neutral. Macro: • As of January 8th, the PCR test of all entry personnel in China will be cancelled. • U.S. housing growth rate decreased from 11.1% in September to 9.8% in October, created the slowest growth rate since September 2020. Iron Ore Key Indicators: • Platts62 …
Iron Ore DCE May23 Daily Technical Review 16/12/22
Verdict – Short-term neutral. DCE iron ore May23 contract was closed to listed high at 841.5, then corrected during the day session. Iron ore became volatile after breakthrough 800.0, with expanding volume, indicated a divergence between bull and bear camps. Hourly slow stochastic KD started correction after a dead cross created in overbought area. Iron …
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Daily Virtual Steel Mill Report 16/12/22
Market Verdict on Iron Ore： • Neutral. Macro: • ECB: Estimated GDP growth in 2022 at 3.4%, est. 3.1%. GDP growth in 2023 at 0.5%, est. 0.9%. GDP growth in 2024 at 1.9%, est. 1.9%. • Dow Jones Index created the biggest single day correction over last three month. U.S. November retail sales drop …