Category archives: Ferrous

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.  

Daily Virtual Steel Mill Report 26/10/23

Verdict: • Short-run Neutral.   Macro: • IMF Chief Kirstalina Georgieva indicated that the global economy growth slowed down to 3%. The growth rate would be dragged down by high interest rates.   Iron Ore Key Indicators: • Platts62 $118.55, +3.00, MTD $118.19. PBF saw two trades based on December Index + $4.1 and $4.2 …

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