Verdict: • Short-run Neutral. Macro: • The ECB regulator stated that the probability of 25bps or less interest cut in 2024 should be very low. It is currently difficult to predict the time of interest cut. The interest rate spread between the European Central Bank and the Federal Reserve may widen in future. …
Tag archives: CC
Daily Virtual Steel Mill Report 19/04/24
Verdict: • Short-run Neutral. Macro: • US White House announced plans to implement new restrictions on Chinese steel and aluminum products, including raising the 301 tariff on Chinese steel and aluminum products to three times the current level. • US jobless claims last week reached 212,000, est. 215,000, last 211,000. Iron Ore Key …
Daily Virtual Steel Mill Report 18/04/24
Verdict: • Short-run Neutral. Macro: • ECB governor Joachim Nagel believed that there was increasing probability for a rate cut in June. However the decision needed to confirm the inflation rate is really going down by then. Iron Ore Key Indicators: • Platts62 $116.60, +6.20, MTD $106.13. The resumption of production in China …
Daily Virtual Steel Mill Report 17/04/24
Verdict: • Short-run Neutral. Macro: • Vale’s Q1 iron ore production was 70.837 million tons, a decrease of 20.8% month on month and a year-on-year increase of 6.1%. In the first quarter, the sales of iron ore were 63.83 million tons, a decrease of 29.3% compared to the previous quarter and a year-on-year increase …
Daily Virtual Steel Mill Report 16/04/24
Verdict: • Short-run Neutral. Macro: • China March CPI fell 1.0% on the month, up 0.1% on the year. • After the sanction imposed from UK and US on Russia aluminum, Russian Aluminium giant Rusal said that new sanctions would have no impact on its supply to world market. Iron Ore Key Indicators: …
Daily Virtual Steel Mill Report 15/04/24
Verdict: • Short-run Neutral to Bullish. Macro: • UK and US imposed sanctions on Russia metals including copper, aluminum and nickel. LME announced a suspension of warehouse warrant for Russian metals produced after April 13th. • From April 1st, China Shanxi province raised mineral resource tax from 8% to 10%, processing tax from 1.5% …
Daily Virtual Steel Mill Report 10/04/24
Verdict: • Short-run Neutral to Bullish. Macro: • The US Energy Information Agency (EIA) has lowered its global oil demand growth forecast for 2024 by 480,000 barrels per day to 950,000 barrels per day. The institution has also lowered its forecast for oil demand growth in 2025 by 30,000 barrels per day to 1.35 …
Weekly Ferrous Analysis Report 09/04/24
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Daily Virtual Steel Mill Report 09/04/24
Verdict: • Short-run Neutral to Bullish. Macro: • Recently, many regions in China have introduced policies to optimize housing provident fund. The loan amount for purchasing green construction or low-energy related building increased by 400,000 yuan to 1.6 million yuan. Guangzhou increases the maximum amount of provident fund loans. Iron Ore Key Indicators: …
Daily Virtual Steel Mill Report 08/04/24
Verdict: • Short-run Neutral. Macro: • The employment growth in the US in March far exceeded expectations, and wages steadily increased, indicating a stable economic performance at the end of the first quarter, which may cause the Federal Reserve to delay the expected interest rate cut. The highly anticipated employment report on Friday also …