Category archives: Ferrous

Iron Ore DCE Jan27 Daily Technical Review 30/08/24

Verdict- Neutral. DCE iron ore corrected during the day. Iron ore was traded in 747.5- 767.5 range during past four trading days. Hourly MACD widened in bearish territory. Hourly CCI moved from neutral area to bearish territory. A breakthrough on either upper side of lower side of the rangebox would initiate a directional movement. Otherwise …

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Daily Virtual Steel Mill Report 30/08/24

Verdict: • Short-run Neutral to Bullish.   Macro: • US jobless claims past week reached 231,000, est. 232,000, last 232,000.   Iron Ore Key Indicators: • Platts62 $101.25, +0.80, MTD $98.63. There were many fixed trades and premium concentrates traded during this week, indicating a strong restocking. Thus, price gained support from current level. MACF …

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Iron Ore DCE Jan27 Daily Technical Review 29/08/24

Verdict- Neutral to Bullish. DCE iron ore rebounded as expected. Hourly MACD created gold cross after narrowed in bearish territory. Hourly CCI entered bullish area from neutral area. Iron ore is currently on the ascending cycle of the fourth wave according to Elliot Wave Theory. The daily low fell on the same level of yesterday, …

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Daily Virtual Steel Mill Report 29/08/24

Verdict: • Short-run Neutral to Bullish.   Macro: • US dollar appreciated because of technical buying. Previously, US dollar index once reached year-low. The traders were waiting for new changes on the interest cut stories.   Iron Ore Key Indicators: • Platts62 $100.45, -0.65, MTD $98.49. The seaborne iron ore trades were increased significantly yesterday. …

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