Category archives: News

Iron Ore DCE January24 Daily Technical Review 24/10/23

Verdict- Neutral to Bullish. DCE Jan24 contract spiked from 1% to 3.78% during the last half hour before closing. The market regained support and turn from bearish to a recovery mode even excluding the last half hour. Hourly slow stochastic KD soared up after created gold cross in oversold area. Hourly MACD created a gold …

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Daily Virtual Steel Mill Report 24/10/23

Verdict: • Short-run Neutral.   Macro: • China sovereign wealth fund Central Huijin Investment Ltd. Said it bought exchange-traded funds in late Monday, which was the second time in the month.   Iron Ore Key Indicators: • Platts62 $115.55, +0.30, MTD $118.17. The market was concerning the low steel margin would trigger some proactive production …

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Iron Ore DCE January24 Daily Technical Review 23/10/23

Verdict- Neutral. DCE Jan24 contract corrected as expected. However, the market saw a rebound in the afternoon session. Hourly slow stochastic KD created gold cross in oversold area. Hourly CCI entered neutral area. Hourly MACD still widened in bearish territory. Iron ore potentially saw a short-run exhaustion and stablise at current level without further breakdown …

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Daily Virtual Steel Mill Report 23/10/23

Verdict: • Short-run Neutral to Bearish.   Macro: • The US Federal Reserve governor, Loretta Mester stated that the benchmark interest rate was approaching peak level, and decision-makers need to be “flexible” in their actions. Bank of America Global Research has postponed the Fed’s final rate hike forecast to December. • Pan Gongsheng, the governor …

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Daily Virtual Steel Mill Report 20/10/23

Verdict: • Short-run Neutral.   Macro: • US 10-Year-Bond yield reached 4.996%, the highest since July 2007. • China NBS: From January to September, China produced 176.62 million tons of long steel, up 0.3% on the year. China produced 742.77 million tons of iron ore, up 6.1% on the year. China produced 36.83 million tons …

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