Market Verdict on Iron Ore： • Neutral to bearish. Macro： • EU increase the growth rate of economy from 0.3% to 0.9%. At the same time, EU decreased the inflation expectation from 6.1% to 5.6% in 2023. EU indicated that Euro potentially had escaped technical recession. Iron Ore Key Indicators: • Platts62 $121.85, …
Author archives: Hao Pei
Iron Ore DCE May23 Daily Technical Review 13/02/22
Verdict – Short-term neutral. DCE iron ore May23 contract retreated from high during the day, as expected failed to extend gains. Mid-run MACD(daily chart) indciated a 35-trading-day in bearish territory, which created a bearish divergence with previous upticking price. Hourly slow stochastic KD created dead cross in February 10th and maintained weak. The first support …
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Daily Virtual Steel Mill Report 13/02/22
Market Verdict on Iron Ore： • Neutral. Macro： • China January CPI up 2.1% on the year, lower than expected 2.3%, up 0.8% on the month, refreshed new high since January in 2021. China January PPI down 0.8% on the year, down 0.4% on the month. Iron Ore Key Indicators: • Platts62 $126.10, …
Iron Ore DCE May23 Daily Technical Review 10/02/22
Verdict – Short-term neutral. DCE iron ore May23 contract consolidated in narrow range during the day. Hourly MACD and slow stocahstic KD both indicated the price was moving in random pattern. The high was resisted below 870.5 level, indicated a strong short-run resistance at this level. Iron ore in short-term potentially maintain consolidation. The first …
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Daily Virtual Steel Mill Report 10/02/22
Market Verdict on Iron Ore： • Neutral. Macro： • China NDRC held meeting to improve price stablisation in 2023, including strengthening supply, enhancing price mechanism and increasing effective price management. Iron Ore Key Indicators: • Platts62 $125.50, +2.60, MTD $124.61. Recently BHP sold few laycans of JMBF at IODEX March Index and a …
Iron Ore DCE May23 Daily Technical Review 09/02/22
Verdict – Short-term neutral. DCE iron ore May23 contract rebounded for the second trading day and brought the price trend from bearish to neutral. Hourly MACD widened in bullish territory. Hourly slow stochastic KD approached overbought area. Hourly CCI entered bullish territory. The technical signals were indicating a potential to test high in next few …
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Daily Virtual Steel Mill Report 09/02/22
Market Verdict on Iron Ore： • Neutral. Macro： • EIA predicted the WTI price reached $83.63/barrel in 2023, $77.84/barrel in 2024. Iron Ore Key Indicators: • Platts62 $122.90, +1.20, MTD $124.46. The BHP operation stoppage for 24 hours had limited impact on the production and shipment of iron ore. BHP sold JMBF at …
Iron Ore DCE May23 Daily Technical Review 08/02/22
Verdict – Short-term neutral. DCE iron ore May23 contract tested low, however supported by 828.5, indicating the support area from 828.5- 834.0 was significant. Hourly MACD narrowed movement, with a lower high and higher low. Technical signals were indicating the decrease of the daily range. A breakdown on 828.5 in future would trigger a big …
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Daily Virtual Steel Mill Report 08/02/22
Market Verdict on Iron Ore： • Neutral. Macro: • The U.S. Federal president Jerome Powell indicated that if inflation maintained stronger than expectation, federal would consider to extend interest hike to 2024 to reach the target level at 2%. Iron Ore Key Indicators: • Platts62 $121.70, -2.35, MTD $124.77. BHP sold JMBF at …
Iron Ore DCE May23 Daily Technical Review 07/02/22
Verdict – Short-term neutral to bearish. DCE iron ore May23 contract broke import short-run support at 834.5 during the day session, however recovered some loss. Hourly MACD flattened. Hourly slow stochastic KD flattened. A further breakdown on 828.5 would bring market to mid-run bearish. The first support is 828.5. The first resistance is 858.0