FIS API Blog
Capesize rates continued its downward slide toward the $20,000 level due to the supply glut in the market. The Capesize 5 time charter average fell by $2,515 day-on-day to $20,120 on Wednesday, as trading came to stalemate and slowed in final two hours before the afternoon closing. The Baltic Dry Index (BDI) then slipped by …
Continue reading “Capesize rate slides toward $20,000 level on supply glut”
Iron ore future saw a slight correction and retreated from the recent rally due to narrowing steel margins. Thus, the most-traded iron ore for September delivery on China’s Dalian Commodity Exchange slipped slightly by 0.29% or RMB 2.50 to RMB 845.50 per tonne on Thursday. On the contrary, the steel rebar contract on the Shanghai …
Verdict – Short-term consolidation. Iron ore closed slight higher than last closing however created lower highs and lows, indicating exhausting in current trading days. The support observed from hourly chart at 835.0. The resistance is a descending line connecting 861.5, 854.5 and 849.5. However be aware of the divergence of last minute market between rebar(up) …
Continue reading “Iron Ore DCE September Daily Technical Review Jul 23rd”
Ferrous Market Updates – MySteel Rebar Inventory: Rebar production 3.83 million tonnes, down 0.03% w-o-w. Mills inventory 3.43 million tonnes, up 3.63% w-o-w. Circulation inventory 8.55 million tonnes, up 1.57% w-o-w. – CISA: mid-July major mills crude steel daily production 2.14 million tonnes, up 0.36% from early July. Pig iron 1.91 million tonnes, down 0.42% …
Verdict – Short-term consolidation. Iron ore tested high and give back all gains, along with 4% of open interest loss in last twenty minutes. Return to bull market needs a breakthrough on 861.5. From hourly chart, Slow stochastic created a dead cross near overbought area. CCI created dead cross with iron ore price. Slow stochastic …
Continue reading “Iron Ore DCE September Daily Technical Review Jul 22nd”
Ferrous Market Updates – Ganggu construction steel production 5.79 million tonnes, up 0.41% w-o-w. Mills inventory 5.28 million tonnes up 4.59% w-o-w. Circulation inventory 11.25 million tonnes, up 1.17% w-o-w. – MySteel Australia and Brazil iron ore delivery at 24.2 million tonnes, up 925,000 tonnes w-o-w. Australia delivery to China 16.46 million tonnes, up 1.998 …
