Verdict: • Short-run Neutral to Bullish. Macro: • From January to February, China’s pig iron production reached 140.73 million tons, a year-on-year decrease of 0.6%. The crude steel production was 167.96 million tons, a year-on-year increase of 1.6%; The steel production was 21.343 million tons, a year-on-year increase of 7.9%. China’s coal production above …
Tag archives: CC
Daily Virtual Steel Mill Report 18/03/24
Verdict: • Short-run Neutral. Macro: • China National Statistics Bureau: China industrial value added amount above designated size up by 7% in January and February, up 0.2% from last December. • A statistic from BOE indicated that the expected inflation rate during the past three month had dropped from 3.3% to 3.0%. The long-run …
Daily Virtual Steel Mill Report 13/03/24
Verdict: • Short-run Neutral. Macro: • US Labour department statistics indicated February CPI up 0.4% on the month, up 3.2% on the year, both fell into expectations. The strong CPI indicated a stubborn inflation condition, which decreased the probability to see interest cut before June. • EIA increased daily oil production by 90,000 barrels/day, …
Weekly Ferrous Report 12/03/24
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Daily Virtual Steel Mill Report 12/03/24
Verdict: • Short-run Neutral. Macro: • The State Administration of Financial Supervision of China is researching to reduce the down payment of purchasing passenger cars and further optimise the pricing mechanism of new energy vehicles. • US whitehouse expected a slow down on economy growth with stubborn inflation, and predicted CPI growth by 2.9% …
Daily Virtual Steel Mill Report 11/03/24
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 …
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 …