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 …

OPEC+ To Cut Crude Prodution Quota In October 06/09/22

The Opec+ coalition has agreed to cut its October crude production target by 100,000 b/d, marking a return to August quotas.   The proposal to cut was endorsed earlier today by the group’s Joint Ministerial Monitoring Committee (JMMC). The decision comes against a backdrop of global recessionary fears and internal group discontent over a perceived disconnect between …