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Category archives: News
Iron ore futures fall as China steel demand slows, virus cases rise
Iron ore futures fell sharply on Monday on concerns over China’s recovery. Data released on Monday showed China churned out a record of 92.27 million tonnes of steel. According to SteelHome data, iron ore port inventories fell to 107.75 million tonnes last week, the lowest since October 2016. While the decline in port inventories …
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DCE flats on lower steel demand and rising shipments
Chinese futures stayed virtually flat with gains at the morning session being offset by selloff in the afternoon session. Thus, the most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, was flat at RMB 762.50 per tonne on Monday. The steel rebar contract on the Shanghai Futures Exchange, followed the …
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Capesize rates firm up in both basins
Capesize rates continued to rally as shipping demand improved in both the Pacific and Atlantic basins. Therefore, the Capesize 5 time charter average increased by $1,734 day-on-day to $12,410 on Friday, after strong afternoon session that pushed out of the tight trading seen in the morning session. This prompted the Baltic Dry Index to push …
Oil benchmarks fall on virus resurgence fears
Oil benchmarks fell about 8% last week, their first weekly declines since April, as U.S. Coronavirus cases started increasing. Over the weekend, more than 25,000 new U.S. cases were reported on Saturday alone as more states reported record new infections and hospitalizations. A cluster of infections in Beijing has increased concern of a …
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Oil Through the Looking Glass 15/6/20
Continuation of the Crude Slump The week losses have extended into the new week as new virus infections hit China, Japan and the United States. This raises concerns of people in the market on the return of normal demand that had previously raised sentiment at the easing of lockdown. In the US the cutting of …
Iron Ore—RSI Divergence in Play
Oil Through the Looking Glass 12/6/20
Resurgence of the Virus The virus is making a comeback in the United States as the number of infections rose past the 2 million mark. This has focused minds in the market on the worry of a second wave which is pushing oil contracts to their first weekly decline in seven weeks. Asian Gasoil Cracks …
Capesize rates back to $10,000 level
Capesize rates were back to the $10,000 level again, on the back of robust shipping demand in both basins. Thus, the Capesize 5 time charter average rose by $1,534 day-on-day to $10,676 on Thursday, continuing the bullish run since the start of the week. Follow in the bullish run, the Baltic Dry Index (BDI) soared …
DCE rallies on record-low port inventory
Chinese futures closed the week on positive note after a rally at afternoon session as China’s port inventory dropped to the lowest level in four years. Thus, the most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, rose by 1.90% day-on-day to RMB 777 per tonne on Friday. The steel …