Tag archives: CC

Verdict: • Short-run Bearish.   Macro: • China Chief Economist Forum expected the infrastructure investment growth would reach 8%, CPI up 1.5% in 2024. • The escalation of RedSea confliction forced more ships changed routes to avoid RedSea in long-run.   Iron Ore Key Indicators: • Platts62 $131.20, -4.55, MTD $138.94. As the winter stock …

Continue reading “Daily Virtual Steel Mill Report 15/01/24”

Verdict: • Short-run Neutral.   Macro: • The unexpected EIA report on the increasing oil inventories dragged down oil price by $1 overnight.   Iron Ore Key Indicators: • Platts62 $139.10, -0.30, MTD $141.53. The prompt demand was weak given a decreasing pig iron production, when mills started maintenance. The demand for February laycans was …

Continue reading “Daily Virtual Steel Mill Report 11/01/24”

Verdict: • Short-run Bearish.   Macro: • Rio Tinto started the world’s biggest mining project, Simandou Project, estimated to see the first delivery in 2025. The project estimated to produce 60 million tons of iron ore, accounted for 5% of total seaborne market. • World Bank published global economic outlook, estimated global GDP up 2.4%, …

Continue reading “Daily Virtual Steel Mill Report 10/01/24”

Verdict: • Short-run Bearish.   Macro: • Dalian Commodity Exchange and Zhengzhou Commodity Exchange both cut commission rates for many products. However iron ore and coking coal maintain original rates.   Iron Ore Key Indicators: • Platts62 $139.40, -0.90, MTD $142.01. The demand for IOCJ returned in short-term because of the decreasing supply of China …

Continue reading “Daily Virtual Steel Mill Report 09/01/24”