Verdict: • Short-run Neutral. Macro: • Anglo American agreed to sell iron ore, copper and gold royalties to Taurus Funds Management for up to $195 million in cash. Iron Ore Key Indicators: • Platts62 $103.20, -1.15, MTD $108.27. The seaborne trade was extremely quiet in July as physical traders became cautious during a …
Tag archives: CC
Daily Virtual Steel Mill Report 22/07/24
Verdict: • Short-run Neutral. Macro: • China 1-Year LPR down 10 bps to 3.35%, 5-year LPR down 10 bps at 3.85%. • WTI crude oil futures settled at $82.63/barrel, refreshed the lowest since mid-June. Iron Ore Key Indicators: • Platts62 $104.35, -0.95, MTD $108.61. China 45 ports iron ore inventories at 151.31 million …
Daily Virtual Steel Mill Report 19/07/24
Verdict: • Short-run Neutral. Macro: • US jobless claims during past week reached 243,000, est. 230,000, last 223,000. Iron Ore Key Indicators: • Platts62 $105.30, +0.35, MTD $108.91. China 45 ports iron ore inventories at 151.31 million tons, up 1.42 million tons on the week, up 25.90 million tons on the year. Daily …
Daily Virtual Steel Mill Report 18/07/24
Verdict: • Short-run Neutral. Macro: • Vale announced unchanged on its production target in 2024 from 310 – 320 million tons. The H1 2024 produced 151 million tons, accounted for 47.19-48.7% of total production target. However, the annual production expected to reach the higher boundary of estimation because of seasonal high delivery in H2. …
Daily Virtual Steel Mill Report 17/07/24
Verdict: • Short-run Neutral. Macro: • IMF predicted 3.2% and 3.3% growth on global economy in 2024 and 2025 respectively. IMF increased China economy growth from 4.6% to 5%. IMF decreased US economy growth from 2.7% to 2.6%. • Physical gold up 1.92% yesterday, refreshed historical high at $2468.7/oz. Iron Ore Key Indicators: …
Daily Virtual Steel Mill Report 16/07/24
Verdict: • Short-run Neutral. Macro: • China H1 GDP amount at 61.68 trillion yuan, GDP growth rate up 5% on the year. China H1 industrial value added amount above designated scale up 6% on the year. Iron Ore Key Indicators: • Platts62 $108.75, +0.75, MTD $109.75. • Rio Tinto Q2 iron ore production …
Daily Virtual Steel Mill Report 15/07/24
Verdict: • Short-run Neutral. Macro: • China customs: China toal import and export value of goods reached 21.17 trillion yuan, increased by 6.1% on the year and refreshed the highest single month record. • US June PPI annual rate increased by 2.6%, est. 2.3%, last 2.2%. PPI monthly rate in June increased by 0.2%, …
Daily Virtual Steel Mill Report 12/07/24
Verdict: • Short-run Neutral. Macro: • In June, the US CPI increased by 3% year-on-year, falling back to the lowest level since June last year, estimated 3.1%, last 3.3%. The June CPI decreased by 0.1% month on month, estimated 0.1%, last 0%. The core CPI in June increased by 3.3% year-on-year, falling to the …
Daily Virtual Steel Mill Report 11/07/24
Verdict: • Short-run Neutral to Bullish. Macro: • Federal Reserve Chair Jerome Powell said he believed inflation was receding, yet to prove that price gains were sustainably slowing to the central bank’s 2% growth rate. • China Regulative Body CSRC approved an increase in margin requirements for short selling. The biggest lending provider will …
Daily Virtual Steel Mill Report 10/07/24
Verdict: • Short-run Neutral. Macro: • Both S&P 500 and Nasdaq hit new closing highs on Tuesday, driven by the rise of Nvidia. Earlier, Federal Reserve Chairman Powell told lawmakers that more “good” economic data would strengthen the reason for interest rate cuts. The S&P 500 index rose 0.07% to close at 5576.98. The …