Morning Fuel Oil Report 20/08/21

Morning Oil Report   At 11:57 am Singapore time (0357 GMT), the ICE October Brent futures contract was up 32 cents/b (0.47%) from the previous close at $66.77/b, while the NYMEX September light sweet crude contract was 34 cents/b (0.53%) higher at $64.03/b.   Oil prices rose on Friday, pulling up from three-month lows, but …

Morning Steel and Scrap Report 19/08/21

FOB China HRC   The index fell by $6/t yesterday (18.8.21) to US$919/t, MTD US$927.58/t.   Beijing has pushed a “common prosperity” objective to reduce economic inequality, raising risks of an economic slowdown during the regulatory reset. Policymakers said they can counter that risk with monetary and fiscal support. Beijing also plans to add more …

Singapore Iron Ore Derivatives 19/08/21

Iron Ore Market Update Market Commentary The rout on iron ore accelerated on Thursday as it plunged below $130 following concerns over Chinese steel demand. Iron ore has taken a heaving beating in the past fortnight as authorities in Beijing tightened controls over steel production in an attempt to reduce emission. These production controls are …

Daily DCE Review 19/8/21

Iron ore futures slumped further on lower steel demand, amid heavy buildup of iron ore stocks across the value chain. The futures of Dalian Commodity Exchange (DCE) for September delivery then plunged by 7.18% day-on-day or down RMB 59 to RMB 762.50/mt, during the day trading session on Thursday. The rebar futures, also dropped by …

Iron Ore DCE Jan Daily Technical Review 19/8/21

Verdict – Short-term neutral to bearish. DCE iron ore January contract opened low and generated a normal gap, iron ore also broke resistance at 777.5, however supported by major 750- 759.0 area. The significant increasing volume and the slight recover during last two hours were indicating iron ore potentially oversold in short-run. Hourly slow stochastic …