Tag archives: CC

Verdict: • Short-run Neutral to Bearish.   Macro: • US jobless claim reached 224,000, refreshed new high since the week consecutive on November 11th in 2023, est. 212,000, last 214,000. • BOE maintained unchanged interest rate at 5.25%, as expected from the market. The bankers indicated a interest rate cut would happen only if the …

Continue reading “Daily Virtual Steel Mill Report 02/02/24”

Verdict: • Short-run Neutral to Bearish.   Macro: • The FOMC indicated an unchanged interest rate at 5.25%- 5.5%, fell into previous expectation. The US Federal believed the interest cut is inappropriate before the inflation rate reached the target area. • The manufacturing PMI reached 49.2%, up 0.2% on the month, indicating a recovery of …

Continue reading “Daily Virtual Steel Mill Report 01/02/24”

Verdict: • Short-run Neutral.   Macro: • OECD published reports that the global crude steel production reached 2.499 billion tons in 2023, up 57.1 million tons on the year, or 2.3%, up 91.6 million tons from 2019. • Eurozone January Manufacturing PMI reached 46.6, created 10-year-high, estimated 44.8, last 44.4.   Iron Ore Key Indicators: …

Continue reading “Daily Virtual Steel Mill Report 25/01/24”

Verdict: • Short-run Neutral.   Macro: • The Bank of Japan announced that it will maintain its current monetary policy unchanged and continue to adhere to the inflation control target of 2%. The Bank of Japan kept the short-term interest rate at negative 0.1% and kept the long-term interest rate at zero by purchasing long-term …

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

Verdict: • Short-run Neutral.   Macro: • Maersk diverts ME2 service around the Cape of Good Hope because the situation around Redsea and the Gulf of Aden remained unstable.   Iron Ore Key Indicators: • Platts62 $129.45, -1.10, MTD $135.17. There was no seaborne trade yesterday. Although there was a small recovery on pig iron …

Continue reading “Daily Virtual Steel Mill Report 23/01/24”

Verdict: • Short-run Neutral to Bearish.   Macro: • US existing home sales decline to historical worst since 1995, contract closings decreased by 1% from a month earlier to a 3.78 million annualised rate. • US January inflation rate reached 2.9%, refreshed the lowest since 2020.   Iron Ore Key Indicators: • Platts62 $130.55, -0.50, …

Continue reading “Daily Virtual Steel Mill Report 22/01/24”

Verdict: • Short-run Neutral to Bearish.   Macro: • US jobless claims reached 187,000, estimated 205,000, last 202,000. • China Customs Statistics: China total exported 59.63 million tons of flat steels in 2023, up 40.6% on the year. China total exported 10.81 million tons of long steels, up 42.6%. China total imported 474.42 million tons …

Continue reading “Daily Virtual Steel Mill Report 19/01/24”