Verdict: • Short-run Neutral to Bullish. Macro: • China January to July industrial profit above designated scale reached 4.099 trillion yuan, up 3.6% on the year. Steel industry loss at 2.76 billion yuan. • Brazil miner Samarco estimated to increase iron ore capacity by 60% by the end of 2024, among which pellet capacity …
Tag archives: CC
Daily Virtual Steel Mill Report 26/08/24
Verdict: • Short-run Neutral to Bullish. Macro: • US Federal chairman Jerome Powell released the strongest ease signal on interest cut during the Jackson Hole’s bankers week, which exceeded market expectation previously. • China Ministry Department of Industrial and Information department announced capacity change, which will prevent illegal market capacity increase. Market read as …
Daily Virtual Steel Mill Report 23/08/24
Verdict: • Short-run Neutral. Macro: • Last week, the number of initial jobless claims in the US was 232,000, est. 230,000, last revised from 227,000 to 228,000. • World Steel Association: In July 2024, the crude steel production of 71 countries included in the World Steel Association’s statistics was 152.8 million tons, a year-on-year …
Daily Virtual Steel Mill Report 22/08/24
Verdict: • Short-run Neutral to Bullish. Macro: • According to US Federal notes overnight, the Federal expected to cut interest rate once in September, and one more cut in late 2024. The Federal expected an ease monetary condition in 2025. Iron Ore Key Indicators: • Platts62 $97.90, +2.80, MTD $98.33. As we expected …
Daily Virtual Steel Mill Report 21/08/24
Verdict: • Short-run Neutral to Bullish. Macro: • Goldman Sachs indicated that China crude oil demand in 2025 should maintain stable, estimated crude oil price at $68/b. Iron Ore Key Indicators: • Platts62 $95.10, +0.65, MTD $98.36. The physical iron ore market became active from this week, eyeing significant growth of discount cargoes …
Daily Virtual Steel Mill Report 19/08/24
Verdict: • Short-run Neutral. Macro: • China Ministry of Commerce and seven other departments increased subsidy standards for scrapped automobiles, and raised the subsidy standards for purchasing new energy passenger vehicles and fuel passenger vehicles to 20,000 yuan and 15,000 yuan from 10,000 yuan and 7,000 yuan respectively. • Mining group BHP Billiton announced …
Daily Virtual Steel Mill Report 09/08/24
Verdict: • Short-run Neutral. Macro: • US jobless claims down 17,000 to 233,000, refreshed biggest drop during the year, indicating a warm on job market. • China’s CPI in July increased by 0.5% year-on-year, est. 0.3%, last 0.2%. Iron Ore Key Indicators: • Platts62 $99.30, -1.30, MTD $102.03. IOS traded around $99.5 before …
Daily Virtual Steel Mill Report 08/08/24
Verdict: • Short-run Neutral. Macro: • China iron ore import in July up by 5% on the month at 102.81 million tons, because of miners increase shipments in June to finish year-end delivery target. • Bank of Japan sent strong dovish signal after the huge financial market volatility spread over the world. The governor …
Daily Virtual Steel Mill Report 07/08/24
Verdict: • Short-run Neutral. Macro: • The Panama Canal Authority announced on August 5th that the maximum draft standard for ships passing through the canal will be raised to 49 feet from today. This standard has been raised again after being increased to 48 feet on July 11th, 2024. The Canal Authority explained that …
Daily Virtual Steel Mill Report 06/08/24
Verdict: • Short-run Neutral. Macro: • Global equity market saw a “Black Monday” because of unwind on carry trades, which led to equity and some commodity drop. Nikkei index once dropped by 13%, created the biggest single day correction from 1987. However, traders bet on US emergent interest cut or market stimulus, which help …