Daily Virtual Steel Mill Report 02/09/24

Verdict: • Short-run Neutral.   Macro: • China NBS: China manufacturing PMI August at 49.1%, down 0.3% on the month. • Reuters: Six OPEC+ sources indicated to increase oil production as planned from October, as Libya suspended production and some member countries promise to cut production to fill up for excess quotas, offsetting the impact …

Daily Virtual Steel Mill Report 30/08/24

Verdict: • Short-run Neutral to Bullish.   Macro: • US jobless claims past week reached 231,000, est. 232,000, last 232,000.   Iron Ore Key Indicators: • Platts62 $101.25, +0.80, MTD $98.63. There were many fixed trades and premium concentrates traded during this week, indicating a strong restocking. Thus, price gained support from current level. MACF …

Daily Virtual Steel Mill Report 29/08/24

Verdict: • Short-run Neutral to Bullish.   Macro: • US dollar appreciated because of technical buying. Previously, US dollar index once reached year-low. The traders were waiting for new changes on the interest cut stories.   Iron Ore Key Indicators: • Platts62 $100.45, -0.65, MTD $98.49. The seaborne iron ore trades were increased significantly yesterday. …

Daily Virtual Steel Mill Report 28/08/24

Verdict: • Short-run Neutral to Bullish.   Macro: • China January to July industrial profit above designated scale reached 4.099 trillion yuan, up 3.6% on the year. Steel industry loss at 2.76 billion yuan. • Brazil miner Samarco estimated to increase iron ore capacity by 60% by the end of 2024, among which pellet capacity …

Daily Virtual Steel Mill Report 26/08/24

Verdict: • Short-run Neutral to Bullish.   Macro: • US Federal chairman Jerome Powell released the strongest ease signal on interest cut during the Jackson Hole’s bankers week, which exceeded market expectation previously. • China Ministry Department of Industrial and Information department announced capacity change, which will prevent illegal market capacity increase. Market read as …

Daily Virtual Steel Mill Report 23/08/24

Verdict: • Short-run Neutral.   Macro: • Last week, the number of initial jobless claims in the US was 232,000, est. 230,000, last revised from 227,000 to 228,000. • World Steel Association: In July 2024, the crude steel production of 71 countries included in the World Steel Association’s statistics was 152.8 million tons, a year-on-year …

Daily Virtual Steel Mill Report 22/08/24

Verdict: • Short-run Neutral to Bullish.   Macro: • According to US Federal notes overnight, the Federal expected to cut interest rate once in September, and one more cut in late 2024. The Federal expected an ease monetary condition in 2025.   Iron Ore Key Indicators: • Platts62 $97.90, +2.80, MTD $98.33. As we expected …

Daily Virtual Steel Mill Report 21/08/24

Verdict: • Short-run Neutral to Bullish.   Macro: • Goldman Sachs indicated that China crude oil demand in 2025 should maintain stable, estimated crude oil price at $68/b.   Iron Ore Key Indicators: • Platts62 $95.10, +0.65, MTD $98.36. The physical iron ore market became active from this week, eyeing significant growth of discount cargoes …