Market Verdict on Iron Ore： • Neutral. Macro • BOE increased interest rate by 50 basis points to 1.75%, created the biggest one-time hike during the past 27 years. BOE expect the inflation rate would reach roof area at 13.3% in this October. BOE expect U.K. economy would enter into recession from this Q4. …
Author archives: Hao Pei
Oil Drops To Six-Month Low As U.S. Crude Oil Inventories Rose Unexpectedly 04/08/22
Oil falls to nearly 6-month lows after surprise U.S. crude, gasoline build Oil prices slid about 4% on Wednesday to almost six-month lows, after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ said it would raise its oil output target by 100,000 barrels per day (bpd). Brent crude …
Iron Ore DCE September Daily Technical Review 03/08/22
Verdict – Short-term neutral. DCE iron ore September gave back the last rebound, currently maintaining in the area from 768.0 – 817.5. A breakthrough out of this band would indicate a potential to create a direction. Otherwise, iron ore potentially exhaust and move in narrower range. Hourly MACD narrowed below 0 axis. Hourly slow …
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Daily Virtual Steel Mill Report 03/08/22
Market Verdict on Iron Ore： • Neutral. Macro • U.S. Federal pushed back against a narrative that policy makers are envisioning a pivot away from tightening. Four Federal distinct-bank presidents highlighted in remarks on Tuesday that there was no sign yet of inflation easing. • China July Machinery Index 96.55, down 12.18% on the …
Daily Virtual Steel Mill Report 02/08/22
Market Verdict on Iron Ore： • Neutral. Macro • China MIIT calculated the scrap input ratio in steelmaking reaching 15%, accounting for 180 million tons in 2025. In 2030, the ratio expected to reach 20%. • China Caixin Manufacturing PMI in July 50.4, 1.3 lower than June. U.S. Markit Manufacturing PMI 52.2, est. 52.3, …
Iron Ore DCE September Daily Technical Review 01/08/22
Verdict – Short-term neutral. DCE iron ore Sep22 are rolling to Jan23, expected to finish within the week. Thus, it should be hard for September contract to attract more new buyers in the aftermarket. The contract was hit shortly after refreshing new high of the month. Hourly MACD maintained weak. Hourly slow stochastic KD …
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Daily Virtual Steel Mill Report 01/08/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • China PM Li Keqiang held conference after the political conference held last week to promote investment and consumption, including acceleration on local debts, investment projects in the central budget, automobile consumption, green energy home appliances and green building materials. • China July PMI …
Libya’s Oil Output Returns To Pre-Blockade Level 01/08/22
Libya’s Oil Production Recovers to Pre-Blockade Level Libya’s crude output has rebounded to its early April levels, the OPEC member’s oil minister said, in an increase that could help cool a jittery global oil market. Output has climbed to 1.2 million barrels per day, Oil Minister Mohamed Oun said in a telephone interview. The …
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Iron Ore DCE September Daily Technical Review 29/07/22
Verdict – Short-term neutral. DCE iron ore September corrected with both decreasing open interest and volume. Thus, iron ore potentially faces a correction or consolidation. Hourly slow stochastic KD corrected to neutral area after a dead cross created in overbought area. Hourly MACD created dead cross. The first support is 755.5. The first …
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Daily Virtual Steel Mill Report 29/07/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • China and U.S. held tele-conference to discuss on the cooperation in economy development in future, and noted the tariff exemption to alleviate the inflation in U.S. Iron Ore Key Indicators: • Platts62 $117.95, +6.90, MTD $106.86. The term contract discounts for BHP’s …