Daily Virtual Steel Mill Report 24/07/24

Verdict: • Short-run Neutral.   Macro: • According to NAR, US home sales at 3.89 million units in June, down 5.4% on the month, refreshed lowest since December, 2023. • Russia reimposes gasoline export ban for August, potentially extend this ban for further months if necessary.   Iron Ore Key Indicators: • Platts62 $100.40, -2.80, …

Daily Virtual Steel Mill Report 23/07/24

Verdict: • Short-run Neutral.   Macro: • Anglo American agreed to sell iron ore, copper and gold royalties to Taurus Funds Management for up to $195 million in cash.   Iron Ore Key Indicators: • Platts62 $103.20, -1.15, MTD $108.27. The seaborne trade was extremely quiet in July as physical traders became cautious during a …

Daily Virtual Steel Mill Report 22/07/24

Verdict: • Short-run Neutral.   Macro: • China 1-Year LPR down 10 bps to 3.35%, 5-year LPR down 10 bps at 3.85%. • WTI crude oil futures settled at $82.63/barrel, refreshed the lowest since mid-June.   Iron Ore Key Indicators: • Platts62 $104.35, -0.95, MTD $108.61. China 45 ports iron ore inventories at 151.31 million …

Daily Virtual Steel Mill Report 19/07/24

Verdict: • Short-run Neutral.   Macro: • US jobless claims during past week reached 243,000, est. 230,000, last 223,000.   Iron Ore Key Indicators: • Platts62 $105.30, +0.35, MTD $108.91. China 45 ports iron ore inventories at 151.31 million tons, up 1.42 million tons on the week, up 25.90 million tons on the year. Daily …

Daily Virtual Steel Mill Report 18/07/24

Verdict: • Short-run Neutral.   Macro: • Vale announced unchanged on its production target in 2024 from 310 – 320 million tons. The H1 2024 produced 151 million tons, accounted for 47.19-48.7% of total production target. However, the annual production expected to reach the higher boundary of estimation because of seasonal high delivery in H2. …

Daily Virtual Steel Mill Report 17/07/24

Verdict: • Short-run Neutral.   Macro: • IMF predicted 3.2% and 3.3% growth on global economy in 2024 and 2025 respectively. IMF increased China economy growth from 4.6% to 5%. IMF decreased US economy growth from 2.7% to 2.6%. • Physical gold up 1.92% yesterday, refreshed historical high at $2468.7/oz.   Iron Ore Key Indicators: …

Daily Virtual Steel Mill Report 11/07/24

Verdict: • Short-run Neutral to Bullish.   Macro: • Federal Reserve Chair Jerome Powell said he believed inflation was receding, yet to prove that price gains were sustainably slowing to the central bank’s 2% growth rate. • China Regulative Body CSRC approved an increase in margin requirements for short selling. The biggest lending provider will …