Rio Tinto, Baowu Joint Venture to Enhance Iron Ore Supply Rio Tinto Group’s joint venture with China Baowu Steel Group Corp. to develop a new mine in Western Australia’s Pilbara region is set to longer-term iron ore supply. The $2 billion Western Range mine is expected to come online in 2025. Its projected …
Author archives: Hao Pei
Iron Ore DCE January Daily Technical Review 14/09/22
Verdict – Short-term neutral. DCE iron ore January contract confirmed periodic high yesterday at 736.5 after a small correction today. In hourly chart, MACD widened below 0 axis. Slow stochastic KD deepened correction after a dead cross created in overbought area. CCI corrected close to bearish territory. The mid-run level correction needs confirmation on …
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Daily Virtual Steel Mill Report 14/09/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • U.S. August CPI growth rate at 8.3%, est. 8.1%, last 8.2%. The market expected that the Federal would prefer to initiate aggressive interest hike by 75 bps next week. • Chinese State Administration of Taxation indicated that from June to August, 3.553 million …
Iron Ore DCE January Daily Technical Review 13/09/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract successfully created periodic high, however resisted by 736.5 during the day. A breakthrough on 736.5 with expanding volume would indciate a continious fast pick up. Hourly MACD narrowed above 0 axis. Hourly CCI and slow stochastic KD both flattened. Technical signals were indicating …
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Daily Virtual Steel Mill Report 13/09/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • China NBS:Chinese August PPI up 2.5% on the year, down 1.2% on the month. Chinese August CPI up 2.5% on the year, down 0.1% on the month. Chinese August M2 supply up 12.2% on the year, est. 12.2%, last 12%. Iron Ore …
Rio Tinto Resumes Western Australia Iron Ore Railings 13/09/22
UK-Australian firm Rio Tinto has resumed operations on a rail line that connects its 43mn t/yr Gudai Darri mine to port in the Pilbara region of Western Australia (WA), after 20 wagons derailed on 3 September. The 10-day disruption to railings will make it more difficult for Rio Tinto to meet its guidance of …
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Iron Ore DCE January Daily Technical Review 07/09/22
Verdict – Short-term neutral. DCE iron ore January contract was rejected by important resistance level at 700.0 yuan for consecutive three trading days. However the contract was also supported by important support level at 675.0. Thus, iron ore would remain in narrow area if failed to break the boundary area from 675.0 – 700.0 …
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Daily Virtual Steel Mill Report 07/09/22
Market Verdict on Iron Ore： • Neutral. Macro • British new PM Elizabeth Truss said that she will prioritise economic growth, tackling energy crisis and improving access to health service. • From January to August, China imported 723 million tons of iron ores, down 3.1% on the year. China imported 61.33 million tons of …
Iron Ore DCE January Daily Technical Review 06/09/22
Verdict – Short-term neutral. DCE iron ore January contract was rejected by important resistance at 700.0 for the second day. Thus iron ore potentially remain in the rangebound from 685.0- 700.0. Hourly MACD narrowed above 0 axis. Hourly CCI fell from overbought area to neutral area. Short-run technical signals were indicating an exhaustion on …
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Daily Virtual Steel Mill Report 06/09/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • China PBOC decreased foreign reserve ratio from 8% to 6% to neutralise the depreciation risk on Chinese Yuan, which was the second time cut on this ratio within the year. • Chinese financial department statistics indicated that total debt issuance at 352 million …