Verdict: • Short-run Neutral. Macro: • World Steel Association statistic indicated that the total pig iron production reached 318 million tons in Q1 among the 37 major countries, down 1.4% on the year. These 37 major countries accounted for 98.25% of capacities over the world. • Russia announced to cancel tariffs on the thermal …
Tag archives: CC
Daily Virtual Steel Mill Report 26/04/24
Verdict: • Short-run Neutral. Macro: • According to data released by the US Department of Commerce, the US real gross domestic product (GDP) grew at an annual rate of 1.6% in the first quarter of this year, which is significantly narrower than the 3.4% growth rate in the fourth quarter of last year, est. …
Daily Virtual Steel Mill Report 25/04/24
Verdict: • Short-run Neutral. Macro: • DCE: From trading on April 26th, non-futures company members or customers were not allowed to open more than 500 lots per day on May24 and Sep24 contracts. For other contracts, less than 2000 lots per day. • Anglo American Q1 iron ore production at 15.14 million tons, up …
Daily Virtual Steel Mill Report 23/04/24
Verdict: • Short-run Neutral. Macro: • China April loan prime rate for 1-year length at 3.45%, unchanged from March. 5-year length loan prime rate at 3.95% unchanged from March. Iron Ore Key Indicators: •Platts62 $116.85, -0.65, MTD $108.38. •During past week, Australia and Brazil total shipped 24.56 million tons, up 5.365 million tons …
Daily Virtual Steel Mill Report 22/04/24
Verdict: • Short-run Neutral. Macro: • The ECB regulator stated that the probability of 25bps or less interest cut in 2024 should be very low. It is currently difficult to predict the time of interest cut. The interest rate spread between the European Central Bank and the Federal Reserve may widen in future. …
Daily Virtual Steel Mill Report 19/04/24
Verdict: • Short-run Neutral. Macro: • US White House announced plans to implement new restrictions on Chinese steel and aluminum products, including raising the 301 tariff on Chinese steel and aluminum products to three times the current level. • US jobless claims last week reached 212,000, est. 215,000, last 211,000. Iron Ore Key …
Daily Virtual Steel Mill Report 18/04/24
Verdict: • Short-run Neutral. Macro: • ECB governor Joachim Nagel believed that there was increasing probability for a rate cut in June. However the decision needed to confirm the inflation rate is really going down by then. Iron Ore Key Indicators: • Platts62 $116.60, +6.20, MTD $106.13. The resumption of production in China …
Daily Virtual Steel Mill Report 17/04/24
Verdict: • Short-run Neutral. Macro: • Vale’s Q1 iron ore production was 70.837 million tons, a decrease of 20.8% month on month and a year-on-year increase of 6.1%. In the first quarter, the sales of iron ore were 63.83 million tons, a decrease of 29.3% compared to the previous quarter and a year-on-year increase …
Daily Virtual Steel Mill Report 16/04/24
Verdict: • Short-run Neutral. Macro: • China March CPI fell 1.0% on the month, up 0.1% on the year. • After the sanction imposed from UK and US on Russia aluminum, Russian Aluminium giant Rusal said that new sanctions would have no impact on its supply to world market. Iron Ore Key Indicators: …
Daily Virtual Steel Mill Report 15/04/24
Verdict: • Short-run Neutral to Bullish. Macro: • UK and US imposed sanctions on Russia metals including copper, aluminum and nickel. LME announced a suspension of warehouse warrant for Russian metals produced after April 13th. • From April 1st, China Shanxi province raised mineral resource tax from 8% to 10%, processing tax from 1.5% …