Verdict: • Short-run Neutral. Macro: • The US February non-agricultural payrolls up 275,000, however the labor market potentially hide the softening, given a 3.9% increase on jobless rate. • China NBS announced that the February CPI up 0.7%, higher than 0.3% estimated by Reuters. The fast growth ended the four consecutive decrease and created …
Tag archives: CC
Daily Virtual Steel Mill Report 07/03/24
Verdict: • Short-run Neutral. Macro: • ADP report said that US private sector employment rate increased by 140,000 jobs in February, created the biggest increase since December 2023. Annual pay up 5.1% on the year. • CPAG Statistics: In February, the global manufacturing PMI was 49.1%. Although it decreased by 0.2% month on month, …
Daily Virtual Steel Mill Report 06/03/24
Verdict: • Short-run Neutral. Macro: • China Government Report set target in 2024: GDP growth target 5%, 12 million new urban jobs, unemployment rate 5.5%, consumer price increase of about 3%, grain output 6500 billion tons, energy consumption per unit reduced by 2.5%, and improve the quality of the ecological environment. • China government …
Ferrous Weekly Report 05/03/24
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Daily Virtual Steel Mill Report 05/03/24
Verdict: • Short-run Neutral. Macro: • Fed governor Rafeal Bostic said that inflation is expected to “slowly” return to the 2% target. Thus it would be appropriate for the Fed to cut interest rates twice by 25 basis points before the end of this year. • China government work report indicated the GDP growth …
Daily Virtual Steel Mill Report 04/03/24
Verdict: • Short-run Neutral. Macro: • Several OPEC+ countries extend output cuts through Q2, as Russia announces new reductions. Iron Ore Key Indicators: • Platts62 $115.40, -1.70, MTD $115.40. There were some seaborne trade during late half of last week after the two extreme quiet weeks after Chinese New Year. The market was …
Daily Virtual Steel Mill Report 01/03/24
Verdict: • Short-run Neutral. Macro: • According to China National Bureau of Statistics, China produced 1.019 billion tons of crude steels in 2023, unchanged from 2022. China produced 1.36 billion tons of finished steels, up 5.2% on the year. China produced 4.71 billion tons of coals, up 3.0% on the year. • One of …
Daily Virtual Steel Mill Report 29/02/24
Verdict: • Short-run Neutral. Macro: • According to Bloomberg news, BHP Group Ltd., the world’s biggest miner, has embarked on a major restructure of its global business, affecting units from mine-planning to decarbonization and heritage protection. Iron Ore Key Indicators: • Platts62 $116.90, -1.30, MTD $125.27. The virtual steel margin recovered from 30 …
Weekly Ferrous Report 27/02/24
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Daily Virtual Steel Mill Report 27/02/24
Verdict: • Short-run Neutral to Bearish. Macro: • ECB banker Christian Lagarde indicated that the 2% inflation target must be realised. ECB governor indicated the first interest cut would start in June. • Reuters: India is considering an export tax on low-grade iron ore after small steel producers urged the government to curb its …