DCE dips further as port inventory reaches 7-month high

Iron ore futures ended the week in decline due to high port inventory and slow steel demand in China. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange dipped down by 0.63% day-on-day to RMB 785.50 per tonne on Friday. The steel rebar contract on the Shanghai Futures Exchange remained flattish …

Iron Ore DCE January Daily Technical Review Oct 16th

Verdict – Short-term neutral. DCE iron ore exhausted on previous correction and created a doji during the day. However the previous support removed from 783.5 to 776.5, iron ore still created lower lows and lower highs. From hourly chart, slow stochastic KD created gold cross and widened. MACD is narrowing and potentially create gold cross. …

Daily Ferrous Physical Review Oct 16th

Ferrous Market –    Mysteel researched 247 blast furnace operation rate at 88.41%, down 0.78% w-o-w. Utilisation rate 92.91%, down 0.30% w-o-w. Daily pig iron production 2.47 million tonnes, up 8,000 tonnes. –    MySteel 45 ports iron ore inventories at 122.39 million tonnes, up 1.78 million tonnes w-o-w. Daily evacuation 3.12 million tonnes, down 58,500 tonnes …

European Close 15-10-20

For iron ore, the bearish rhetoric is increasing as we continue to hear about global supply. The November futures have now seen four days of negative price action and this is getting buyers anxious, as the price must be justified when you are USD 40 above 5-year average values. USD 108.84 is the next logical …

DCE drops on oversupplied market

Iron ore futures dipped on slower steel demand and high inventory among end-users. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange dipped down by 2.17% day-on-day to RMB 787.50 per tonne on Thursday. The steel rebar contract on the Shanghai Futures Exchange was almost flat and dropped slightly by 0.28% …

Iron Ore DCE January Daily Technical Review 15/10/20

Verdict – Short-term bearish. DCE iron ore keep correction for the fourth trading day and the intra-day low tested the first support level at 783.5 observed from last week. A breakdown on this level would trigger a new round of correction towards 751.5, and restart bearish tunnel in mid-run. From hourly chart, slow stochastic correcting …

Oil and Ore Intraday Morning Technical 15/10/20

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