Verdict: • Short-run Neutral to Bearish. Macro: • US April PPI up 0.5% on the month, est. 0.3%, last 0.2%. US April PPI up 2.2% on the year, est. 2.2%, last 2.1%. • US president Joe Biden was raising levies on semi-conductors, batteries, solar cells and some critical minerals, in addition to last reported …
Tag archives: CC
Daily Virtual Steel Mill Report 14/05/24
Verdict: • Short-run Neutral to Bearish. Macro: • Anglo American rejected second offer of $42.7 billion from BHP, saying the undervalue of the company. Iron Ore Key Indicators: • Platts62 $117.25, +0.65, MTD $117.33. There was lack of concentrates trade yesterday, given a derailment news from Rio Tinto. China total iron ore arrivals …
Daily Virtual Steel Mill Report 08/05/24
Verdict: • Short-run Neutral to Bearish. Macro: • The European stock market hit a record high, with strong performance from UBS and UniCredit, boosting optimism about interest rate cuts. The STOXX 600 index rose 1.1%, marking its best daily performance in over three months. The Spanish stock index rose 1.5%. The French stock CAC-40 …
Daily Virtual Steel Mill Report 07/05/24
Verdict: • Short-run Neutral. Macro: • China Daily: Xi says there is no such thing as “China overcapacity” in a China-France-EU trilateral meeting with French President Emmanuel Macron and European Commission President Ursula von der Leyen, and urged to increase cooperation in green and data transition and decrease trade barriers. • US Federal Williams …
Daily Virtual Steel Mill Report 29/04/24
Verdict: • Short-run Neutral. Macro: • World Steel Association statistic indicated that the total pig iron production reached 318 million tons in Q1 among the 37 major countries, down 1.4% on the year. These 37 major countries accounted for 98.25% of capacities over the world. • Russia announced to cancel tariffs on the thermal …
Daily Virtual Steel Mill Report 26/04/24
Verdict: • Short-run Neutral. Macro: • According to data released by the US Department of Commerce, the US real gross domestic product (GDP) grew at an annual rate of 1.6% in the first quarter of this year, which is significantly narrower than the 3.4% growth rate in the fourth quarter of last year, est. …
Daily Virtual Steel Mill Report 25/04/24
Verdict: • Short-run Neutral. Macro: • DCE: From trading on April 26th, non-futures company members or customers were not allowed to open more than 500 lots per day on May24 and Sep24 contracts. For other contracts, less than 2000 lots per day. • Anglo American Q1 iron ore production at 15.14 million tons, up …
Daily Virtual Steel Mill Report 23/04/24
Verdict: • Short-run Neutral. Macro: • China April loan prime rate for 1-year length at 3.45%, unchanged from March. 5-year length loan prime rate at 3.95% unchanged from March. Iron Ore Key Indicators: •Platts62 $116.85, -0.65, MTD $108.38. •During past week, Australia and Brazil total shipped 24.56 million tons, up 5.365 million tons …
Daily Virtual Steel Mill Report 22/04/24
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. …
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 …