Category archives: Ferrous

Daily Virtual Steel Mill Report 12/06/24

Verdict: • Short-run Neutral.   Macro: • World Bank increased global GDP growth target in 2024 from 2.4% to 2.6%. China growth rate was increased from 4.5% to 4.8%. US growth target was increased from 1.6% to 2.5%.   Iron Ore Key Indicators: • Platts62 $103.80, -4.70, MTD $107.64. The general weak performance of metals …

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Iron Ore DCE Sep24 Daily Technical Review 11/06/24

Verdict- Neutral to Bearish. DCE Sep24 corrected significantly during the trading day with expanding volume and growing open interest, indicating new sellers entered market. Hourly MACD created bearish divergence. Hourly slow stochastic KD created dead cross. Iron ore potentially test low in the following sessions. First support 780.0. First resistance 838.5