Category archives: News

Daily Virtual Steel Mill Report 31/10/23

Verdict: • Short-run Neutral.   Macro: • Canada central bank indicated the resilience of inflation would enable the monetary department to hike interest rate in Q4. ECB indicated that the bank will see current rate enough in December. • China Manufacturing PMI fell under boom and bust line at 59.5.   Iron Ore Key Indicators: …

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Iron Ore DCE January24 Daily Technical Review 30/10/23

Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. The 901.0 became an intra-day resistance as iron ore was rejected by this level four times in hourly chart. Hourly MACD widened during the night session in Friday and maintained at high level in Monday. Hourly slow stochastic KD entered overbought area. Iron ore potentially …

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Daily Virtual Steel Mill Report 30/10/23

Verdict: • Short-run Neutral.   Macro: • US September PCE index up 3.7% on the year, created the lowest since May 2021, est. 3.7%, last 3.9%. PCE up 0.3% m-o-m, est. 0.3%, last 0.1%.   Iron Ore Key Indicators: • Platts62 $121.80, +2.80, MTD $118.50. PBF saw active demand in market after a significant decrease …

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Daily Virtual Steel Mill Report 27/10/23

Verdict: • Short-run Neutral to Bullish.   Macro: • US GDP accelerated to 4.9% in the third quarter, more than doubled the growth rate in last quarter and created the fastest growth rate in past two years, powered by spike in consumer spending. Economists generally expected that the growth rate to slow in Q4.   …

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Iron Ore DCE January24 Daily Technical Review 26/10/23

Verdict- Neutral. DCE Jan24 contract rebounded during the day however rejected by major resistance at 881.5. Further rejections potentially reverse the price trend because this area created two reversals in September and October previously. Hourly CCI was approaching bullish territory. Hourly MACD narrowed in bullish territory. First support 863.0. First resistance 881.5.