Iron ore futures slipped slightly on Thursday, for correction after the recent rally amid mixed market outlook. The most-traded iron ore for September delivery on China’s Dalian Commodity Exchange dipped by 0.84% or RMB 7/mt day-on-day to RMB 826.50 a tonne. Likewise, the steel rebar contract on the Shanghai Futures Exchange also dropped by RMB …
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Oil and Ore Intraday Morning Technical
Steel & Scrap Morning Report
OPEC+ to ease cuts on improving market confidence
According to data released yesterday by the EIA, US crude inventories fell 7.5 million barrels to 531.7 million barrels for the week ended July 10, outpacing the 2.1 million-barrel drop expected by analysts and narrowing the surplus to the five-year average to 16.6%. Furthermore, gasoline stocks fell 3.1 million barrels over the same period to …
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Fertilizer Financial Markets Commentary/Curves
Daily Ferrous Physical Review Jul 16th
Ferrous Market Updates – Mysteel mills inventory 16.13 million tonnes. Inventory turnover in 23 days. – MySteel Rebar Inventory: Rebar production 3.83 million tonnes, down 1.49% w-o-w. Mills inventory 3.31 million tonnes, down 3.22% w-o-w. Circulation inventory 8.42 million tonnes, up 2.99% w-o-w. – Economic Data – China Q2 GDP down 3.2% y-o-y, up 11.5% …
