Daily Virtual Steel Mill Report 29/02/24

Verdict: • Short-run Neutral.   Macro: • According to Bloomberg news, BHP Group Ltd., the world’s biggest miner, has embarked on a major restructure of its global business, affecting units from mine-planning to decarbonization and heritage protection.   Iron Ore Key Indicators: • Platts62 $116.90, -1.30, MTD $125.27. The virtual steel margin recovered from 30 …

Iron Ore DCE May24 Daily Technical Review 27/02/24

Verdict- Neutral to Bullish. DCE May24 contract followed the significant rebound of China house developer equities as well as major commodities growth. Hourly CCI left neutral area and approached bullish territory. Hourly MACD created gold cross. Iron ore potentially test 915.0 as an intraday resistance with many positions built from 900.0 – 915.0 during the …