Market Verdict on Iron Ore： • Neutral. Macro • Chinese central bank PBOC lowered one-year length Medium Lending Facility rate from 2.85% to 2.75%. Market expect Loan Prime Rate in China should follow the decrease soon. • NAHB/Wells Fargo Housing Index(HMI) decrease 6 to 49, created the eighth consecutive monthly decrease. The number was …
Author archives: Hao Pei
BHP Cuts Investment In Australian Coking Coal Business 16/08/22
Australian resources firm BHP has cut all investment in its Queensland coking coal business, in response to the state government’s coal royalty rate increase and China’s continuing ban on imports of Australian coal. “We are not going to deploy any major capital into the Queensland coal business following the change in the Queensland royalties,” BHP …
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Russia ‘s Oil Export Duty To Decline In September 16/08/22
Russia’s oil export duty to fall to $52 per tonne in September Russia’s oil export duty is set to decline to $52 per tonne in September from $53 per tonne in August, the finance ministry said on Monday, tracking global oil prices. Retrieved from: https://www.reuters.com/business/energy/russias-oil-export-duty-fall-52t-sept-finance-ministry-2022-08-15/
Iron Ore DCE January Daily Technical Review 15/08/22
Verdict – Short-term neutral. DCE iron ore January broke down important support at 713.5, which was the neckline of a top reversal pattern. Unless iron ore recover this level with much higher price, iron ore entered a short-run correction phase. Hourly slow stochastic KD created lower dead cross. Hourly MACD created lower dead cross. …
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Daily Virtual Steel Mill Report 15/08/22
Market Verdict on Iron Ore： • Neutral. Macro • The U.S. House passed Inflation Reduction Act in 2022. The Act will focus on increase company taxes, reaction to environmental changes, decrease prescription medicines and decrease financial deficit. • Chinese July new issued loans 679 billion yuan, M2 up 12% on the year. The difference …
Saudi Aramco Ready To Boost Crude Output 15/08/22
Oil prices ease as Aramco says ready to boost crude output Oil prices dropped for a second session on Monday after the head of the world’s top exporter, Saudi Aramco, said it is ready to ramp up output while production at several offshore U.S. Gulf of Mexico platforms is resuming after a brief outage …
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Iron Ore DCE January Daily Technical Review 12/08/22
Verdict – Short-term neutral. DCE iron ore January gave back gains from previous day and still resisted by roof area from 745.0 – 755.0. In general the price movement remained in rangebound as expected. Trading volume was in similar amount during the past five trading days. Iron ore approached the neckline observed from 15 …
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Daily Virtual Steel Mill Report 12/08/22
Market Verdict on Iron Ore： • Neutral. Macro • U.S. July CPI up 8.5%, last 9.1%, est. 8.7%. China July CPI up 2.7 on the year, last 2.5%, est. 2.9%. • Chinese machinery sales in July turned from negative to positive, ended a negative number last for previous 14 months. Jan – Jul machinery …
Export Tax On Steel Is Being Considered By Indian Steel Minister 12/08/22
Export duty under examination: Indian steel minister A 15pc export tax on steel imposed by the Indian government in May is being considered and examined by the country’s new steel minister, although no changes have been announced. “These [export tax removal proposals] are things that I am engaging myself on currently, we will …
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Iron Ore DCE January Daily Technical Review 11/08/22
Verdict – Short-term neutral. DCE iron ore January contract created roof area from 745.0 – 755.0, as intra-day high rejected by this area. Thus, iron ore was still in bearish territory. Hourly slow stochastic KD created a bearish divergence with hourly candles movement. Hourly CCI returned to bullish territory. Short-run signals were indicating a …
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