Tag archives: CC

Verdict: • Short-run Neutral to Bearish.   Macro: • US existing home sales decline to historical worst since 1995, contract closings decreased by 1% from a month earlier to a 3.78 million annualised rate. • US January inflation rate reached 2.9%, refreshed the lowest since 2020.   Iron Ore Key Indicators: • Platts62 $130.55, -0.50, …

Continue reading “Daily Virtual Steel Mill Report 22/01/24”

Verdict: • Short-run Neutral to Bearish.   Macro: • US jobless claims reached 187,000, estimated 205,000, last 202,000. • China Customs Statistics: China total exported 59.63 million tons of flat steels in 2023, up 40.6% on the year. China total exported 10.81 million tons of long steels, up 42.6%. China total imported 474.42 million tons …

Continue reading “Daily Virtual Steel Mill Report 19/01/24”

Verdict: • Short-run Neutral.   Macro: • BHP produced 72.67 million tons of iron ore in its Pilbara mining area, up 4.6% from Q3, down 2.2% on the year. BHP sold 70.34 million tons of iron ore, down 2% from Q3, down 3.2% on the year. BHP produced 11.4 million tons in Q4, up by …

Continue reading “Daily Virtual Steel Mill Report 18/01/24”

Verdict: •  Short-run Neutral.   Macro: • ECB’s member Gediminas Simkus said investors are far less optimistic than markets on rate cuts. The salaries statistics were considered important. • China Premier Li Qiang attended the World Economic Forum 2024 Annual Meeting at the Davos and delivered a special speech, expected GDP growth about 5.2%, higher …

Continue reading “Daily Virtual Steel Mill Report 17/01/24”

Verdict: • Short-run Bearish.   Macro: • The world bank published global economy outlook, mentioned global economy growth by 2.4% in 2024, unchanged with expectation at June 2024. The estimated growth rate of 2025 reached 2.7%, 0.3% lower than expected. • Rio Tinto published Q4 production and consumption report, Q4 iron ore production at 87.5 …

Continue reading “Daily Virtual Steel Mill Report 16/01/24”