Verdict: • Short-run Neutral to Bullish. Macro: • US jobless rate up by 4.3% in July, refreshed three-year-high, strengthening the concerns on recession. US Labor Department published non-farm payrolls increased by 114,000 in July, est. 175,000. The expectation on interest cut increased after traders saw these data. • According to a Reuters survey, the …
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Daily Virtual Steel Mill Report 02/08/24
Verdict: • Short-run Neutral. Macro: • BOE cut interest rate by 25 bps to 5%, as expected from the market previously, the first interest cut since early 2020. • The jobless claims of US last week increased by 14,000 to 249,000, refreshed single week high in 2024, est. 236,000. • Eurozone July PMI 45.8, …
Daily Virtual Steel Mill Report 01/08/24
Verdict: • Short-run Neutral. Macro: • The US Federal Reserve ended its two-day monetary policy meeting on July 31st and announced that the target range for the federal funds rate would remain unchanged between 5.25% and 5.5%. Federal Reserve Chairman Powell stated after the meeting that there is a possibility to discuss lowering policy …
Daily Virtual Steel Mill Report 31/07/24
Verdict: • Short-run Neutral to Bullish. Macro: • The Eurozone GDP in Q2 after adjusted increased by 0.6% on the year and 0.3% on the month, both higher than market expectations. • Glencore copper production in H1 2024 was 462,600 tons, decreased by 5% on the year. Nickel production decreased by 5% at 44,200 …
Weekly Ferrous Analysis Report 30/07/24
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Singapore Iron Ore Report 30/07/24
Please click below to view the report For more information please contact FIS info@freightinvestor.com London +44 (0) 207 090 1120 Singapore +65 6535 5189 Dubai + 971 4 449 3900 Shanghai: +86 21 6335 4002 US (CT): +1 203 325 8004
Daily Virtual Steel Mill Report 30/07/24
Verdict: • Short-run Neutral. Macro: • The Bureau of the Ministry of Industry and Trade of Vietnam has issued a notice officially launching anti-dumping investigations on hot rolls originating from China and India. From January to June 2024, the total amount of steel exported from China to Vietnam reached 6.37 million tons, a year-on-year …
Daily Virtual Steel Mill Report 29/07/24
Verdict: • Short-run Neutral. Macro: • According to data from the China National Bureau of Statistics, from January to June, industrial enterprises above designated size in China achieved a total profit of 351.103 billion yuan, a year-on-year increase of 3.5%, with a growth rate 0.1% faster than from January to May period. Among them, …
Daily Virtual Steel Mill Report 25/07/24
Verdict: • Short-run Neutral. Macro: • EIA reported that as of the week of July 19th, US crude oil inventories decreased by 3.7 million barrels to 436.5 million barrels. Previously, Reuters survey analysts estimated a decrease of 1.6 million barrels. • China Ministry of Finance statistic indicated that H1 2024 state-owned companies total revenues …
Daily Virtual Steel Mill Report 24/07/24
Verdict: • Short-run Neutral. Macro: • According to NAR, US home sales at 3.89 million units in June, down 5.4% on the month, refreshed lowest since December, 2023. • Russia reimposes gasoline export ban for August, potentially extend this ban for further months if necessary. Iron Ore Key Indicators: • Platts62 $100.40, -2.80, …