Category archives: Ferrous

Iron Ore DCE May24 Daily Technical Review 16/01/24

Verdict- Neutral to Bearish. DCE May24 contract tested low and rebounded by last half hour. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD flattened above oversold area. Iron ore saw exhaustion at current level. A hold on the low at 924.5 potentially bring iron ore into a consolidating phase. First support 924.5. First …

Continue reading “Iron Ore DCE May24 Daily Technical Review 16/01/24”

Daily Virtual Steel Mill Report 16/01/24

Verdict: • Short-run Bearish.   Macro: • The world bank published global economy outlook, mentioned global economy growth by 2.4% in 2024, unchanged with expectation at June 2024. The estimated growth rate of 2025 reached 2.7%, 0.3% lower than expected. • Rio Tinto published Q4 production and consumption report, Q4 iron ore production at 87.5 …

Continue reading “Daily Virtual Steel Mill Report 16/01/24”

Iron Ore DCE May24 Daily Technical Review 15/01/24

Verdict- Neutral to Bearish. DCE May24 contract corrected as expected. Iron ore saw increasing aggregated volume however a 13.7% open interest loss from January 13th , when iron ore May24 reached listed high. Hourly CCI reached bearish territory. Hourly MACD walked in bearish territory. Iron ore potentially test low in next few sessions. First support …

Continue reading “Iron Ore DCE May24 Daily Technical Review 15/01/24”

Daily Virtual Steel Mill Report 15/01/24

Verdict: • Short-run Bearish.   Macro: • China Chief Economist Forum expected the infrastructure investment growth would reach 8%, CPI up 1.5% in 2024. • The escalation of RedSea confliction forced more ships changed routes to avoid RedSea in long-run.   Iron Ore Key Indicators: • Platts62 $131.20, -4.55, MTD $138.94. As the winter stock …

Continue reading “Daily Virtual Steel Mill Report 15/01/24”