Verdict: • Short-run Neutral. Macro: • EU Comission will launch a technical conference with China regarding to the current plan on imposing EVs import duty. Iron Ore Key Indicators: • Platts62 $102.65, -2.45, MTD $106.72. Steel demand became slower as China entered rainy weather in southern areas and extreme high temperature in northern …
Tag archives: CC
Daily Virtual Steel Mill Report 24/06/24
Verdict: • Short-run Neutral. Macro: • The Central Meteorological Observatory of China issued rainstorm warning that from 8:00 on June 24th to 8:00 on June 25th, there would be heavy to rainstorm in at least 8 provinces of China. • US existing home sales fell a third month by 0.7% to 4.11 million, as …
Daily Virtual Steel Mill Report 21/06/24
Verdict: • Short-run Neutral. Macro: • The Ministry of Housing and Urban Rural Development held a conference on acquisition of existing commercial houses for use as affordable houses. Many regions should promote cities at or above the county level to effectively and orderly carry out the purchase of existing commercial housing as affordable housing. …
Daily Virtual Steel Mill Report 20/06/24
Verdict: • Short-run Neutral. Macro: • During the Finance Forum in Lujiazui, Shanghai, PBOC’s Pan signals supportive monetary in China, however with limits. The chairman of Regulatory body CSRC mentioned strategic role of high quality development among listed companies, improving companies value and protecting investors rights. Iron Ore Key Indicators: • Platts62 $107.35, …
Daily Virtual Steel Mill Report 18/06/24
Verdict: • Short-run Neutral. Macro: • India steel maker Vedanta Sesa Goa subsidiary Wester Cluster Ltd announced to invest $2 billion dollars in Lybia to support its iron ore production. Iron Ore Key Indicators: • There was no Platts index due to Singapore holiday. Thus, the trade was quiet on ports and seaborne. …
Weekly Ferrous Analysis Report 18/06/24
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Daily Virtual Steel Mill Report 18/06/24
Verdict: • Short-run Neutral. Macro: • India steel maker Vedanta Sesa Goa subsidiary Wester Cluster Ltd announced to invest $2 billion dollars in Lybia to support its iron ore production. Iron Ore Key Indicators: • There was no Platts index due to Singapore holiday. Thus, the trade was quiet on ports and seaborne. …
Daily Virtual Steel Mill Report 17/06/24
Verdict: • Short-run Neutral. Macro: • China M2 for May up 7.0% on the year, M1 down 4.2% on the year. M2- M1 spread widened to 11.2%, refreshed the highest since January 2022. • China May Industrial Value Added Amount above designated scale up 5.6%, last 6.7%.China May House developing investment down 10.1%, last …
Daily Virtual Steel Mill Report 14/06/24
Verdict: • Short-run Neutral. Macro: • The jobless files for US last week at 242,000, est. 225,000, last 229,000. US May PPI up 2.2%, est. up 2.5%, last up 2.2%. • EIA estimated a surplus of 8 million barrels of crude oil supply in 2030. Iron Ore Key Indicators: • Platts62 $106.60, +1.45, …
Daily Virtual Steel Mill Report 13/06/24
Verdict: • Short-run Neutral to Bullish. Macro: • US Federal maintained unchanged for interest rate at 5.25-5.5%, fell into market expectations. However the recent matrix indicated that the probability of interest cut dropped from 3 times to 1 time in 2024. • On June 12th, the European Commission issued a statement proposing to impose …