Category archives: Ferrous

Iron Ore DCE May24 Daily Technical Review 04/03/24

Verdict- Neutral. DCE May24 contract broke last low at 865.0 as expected, however recovered all losses fast and closed high. The return of buyers generally mean the support should be robust at 860.5 -865.0 area. Hourly CCI returned from bearish territory to neutral area. Hourly slow stochastic KD created gold cross in oversold area. Hourly …

Continue reading “Iron Ore DCE May24 Daily Technical Review 04/03/24”

Daily Virtual Steel Mill Report 04/03/24

Verdict: • Short-run Neutral.   Macro: • Several OPEC+ countries extend output cuts through Q2, as Russia announces new reductions.   Iron Ore Key Indicators: • Platts62 $115.40, -1.70, MTD $115.40. There were some seaborne trade during late half of last week after the two extreme quiet weeks after Chinese New Year. The market was …

Continue reading “Daily Virtual Steel Mill Report 04/03/24”

Iron Ore DCE May24 Daily Technical Review 01/03/24

Verdict- Neutral to Bearish. DCE May24 contract moved in narrow range during most time of day, however tanked during last half hour, which resulted in a dead cross from hourly MACD, slow stochastic KD and a sharp drop on CCI to bearish territory. The last half hour drop attracted increasing volume. Iron ore will test …

Continue reading “Iron Ore DCE May24 Daily Technical Review 01/03/24”

Daily Virtual Steel Mill Report 01/03/24

Verdict: • Short-run Neutral.   Macro: • According to China National Bureau of Statistics, China produced 1.019 billion tons of crude steels in 2023, unchanged from 2022. China produced 1.36 billion tons of finished steels, up 5.2% on the year. China produced 4.71 billion tons of coals, up 3.0% on the year. • One of …

Continue reading “Daily Virtual Steel Mill Report 01/03/24”