Market Verdict on Iron Ore： • Neutral. Macro: • German Prime Minister Olaf Scholtz insisted on the ban on Russian oil at the end of this year. The German government plans to levy a profit tax of up to 33% on traditional fossil energy companies such as natural gas, oil and coal. • China …
Author archives: Hao Pei
Iron Ore DCE January Daily Technical Review 25/11/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract rebounded as expected. For many times, iron ore spiked during the last hour, approaching the half-year high at 757.5. Iron ore returned to the ascending trend. Hourly MACD expanded above 0 axis. Hourly slow stochastic KD approached overbought area. Hourly CCI created the highest …
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Daily Virtual Steel Mill Report 25/11/22
Market Verdict on Iron Ore： • Neutral. Macro: • ECB indicated at the monetary conference that the bank would consider to “pause” QT if see serious economy recession in long-run. Iron Ore Key Indicators: • Platts62 $95.20, +1.00, MTD $91.42. The seaborne market saw less bids although macro environment recovered during last two …
Daily Virtual Steel Mill Report 24/11/22
Market Verdict on Iron Ore： • Neutral. Macro: • China State Council proposed to increase financial support for the real economy, appropriately use monetary policy tools such as reserve ratio reduction in due time, and maintain sufficient liquidity. The meeting stressed that it is necessary to promote major projects to speed up capital payment …
Iron Ore DCE January Daily Technical Review 23/11/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract opened low and closed high, the loss was majorly recovered during afternoon session. The contract resisted by 747.5, a second high periodically. The lower supported by 714.0. Hourly slow stochastic KD created gold cross above oversold area. Short-run technicals indicated a continious rebound potentially. …
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Daily Virtual Steel Mill Report 23/11/22
Market Verdict on Iron Ore： • Neutral. Macro: • OECD predicted that the global economy growth rate could slow down from 3.1% to 2.2% in 2023. • ECB officer Holzmann supported the interest hike of 75 bps in December. Iron Ore Key Indicators: • Platts62 $94.20, -2.05, MTD $91.18.The seaborne market saw less …
Iron Ore DCE January Daily Technical Review 22/11/22
Verdict – Short-term neutral. DCE iron ore January contract corrected significantly in the afternoon. In short-run iron ore reached a neckline area at 725.0- 727.0 level, a breakdown on this area would initiate a potential drop targeting 697.0-700.0 area. Iron ore entered oversold area from hourly CCI. Hourly MACD widened below 0 axis. The first …
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Daily Virtual Steel Mill Report 21/11/22
Market Verdict on Iron Ore： • Neutral. Macro: • Multiple Chinese departments indicated that to support housing development and resolve financing and restructures. • U.S. houses sales decreased for nine month consecutively, however house price up 128 months consecutively. The 30-year mortgage rate reached 20-year-high. Iron Ore Key Indicators: • Platts62 $96.25, -2.85, …
Iron Ore DCE January Daily Technical Review 21/11/22
Verdict – Short-term neutral. DCE iron ore January contract tested low and recovered most of loss during the day. In short-run MACD potentially re-enter into bullish territory. However buyers should be aware of the short-run money taking gains after filled up the technical gap created in Asia morning. If a breakthrough on 750.0 would indicate …
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Daily Virtual Steel Mill Report 21/11/22
Market Verdict on Iron Ore： • Neutral. Macro: • U.S. Atlantic Federal president Raphael Bostic indicated that he decided to “give up” 75 interest hike in December FOMC, and believed that target policy interest rate of the Federal Reserve only needs to be raised by no more than 100 bps to fight inflation. • …