FIS API Blog
Oil benchmarks fell about 8% last week, their first weekly declines since April, as U.S. Coronavirus cases started increasing. Over the weekend, more than 25,000 new U.S. cases were reported on Saturday alone as more states reported record new infections and hospitalizations. A cluster of infections in Beijing has increased concern of a …
Continue reading “Oil benchmarks fall on virus resurgence fears”
Continuation of the Crude Slump The week losses have extended into the new week as new virus infections hit China, Japan and the United States. This raises concerns of people in the market on the return of normal demand that had previously raised sentiment at the easing of lockdown. In the US the cutting of …
Verdict – Short-term neutral to bearish. DCE iron ore corrected after Friday push to five day high. The test low was supported by 756.5. 753.0 area from hourly chart supported price reversal twice over last week. A breakdown on 746.5- 753.0 area will drive iron ore price to test 20 day moving average. The breakdown …
Iron Ore and Steel Market Updates – Steelbank: construction steel inventories 6.95 million tonnes, down 1.87% w-o-w. HRC inventories 1.99 million tonnes, down 4.71% w-o-w. – China Statistic Bureau: crude steel output in May rose 4.2% y-o-y. Jan-May steel output rose 1.9% y-o-y. Pig iron output in May rose 2.4% y-o-y. Jan-May pig iron rose …
Resurgence of the Virus The virus is making a comeback in the United States as the number of infections rose past the 2 million mark. This has focused minds in the market on the worry of a second wave which is pushing oil contracts to their first weekly decline in seven weeks. Asian Gasoil Cracks …
Capesize rates were back to the $10,000 level again, on the back of robust shipping demand in both basins. Thus, the Capesize 5 time charter average rose by $1,534 day-on-day to $10,676 on Thursday, continuing the bullish run since the start of the week. Follow in the bullish run, the Baltic Dry Index (BDI) soared …
Chinese futures closed the week on positive note after a rally at afternoon session as China’s port inventory dropped to the lowest level in four years. Thus, the most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, rose by 1.90% day-on-day to RMB 777 per tonne on Friday. The steel …
