Tag archives: CC

Verdict: • Short-run Neutral.   Macro: • China imported 102.74 million tons of iron ore, up 3.36 million tons on the month, or 3.4%. The first 11 months in 2023 imported 1.078 trillion tons of iron ore, up 6.2% on the year. • China imported 43.506 million tons of coals, up 7.514 million tons on …

Continue reading “Daily Virtual Steel Mill Report 08/12/23”

Verdict: • Short-run Neutral.   Macro: • The surge in US gasoline inventories raised concerns about sluggish demand, with investors questioning whether OPEC+production cuts can offset the impact of oversupply from other oil producing countries. WTI crude oil fell below the $70 mark for the first time since early July, 4% drop at $69.36 per …

Continue reading “Daily Virtual Steel Mill Report 07/12/23”

Verdict: • Short-run Neutral.   Macro: • The cooling on the job market intensified the correction on US bond, eyeing three-month low of 10-year US bond yield at 4.167%. US dollar index rebounded to 104, refreshed new high since November 22nd.   Iron Ore Key Indicators: • Platts62 $131.40, +0.35, MTD $131.90. There was no …

Continue reading “Daily Virtual Steel Mill Report 06/12/23”

Verdict: • Short-run Neutral.   Macro: • U.S. factory orders fell 3.6% on a monthly basis in October, which was larger than the expected 2.6% drop and was the lowest level since April 2020. • The Passenger Car Association of China estimated that wholesale sales of new energy passenger vehicles in November will be 940,000 …

Continue reading “Daily Virtual Steel Mill Report 05/12/23”

Verdict: • Short-run Neutral to Bearish.   Macro: • The U.S. ISM manufacturing PMI index recorded 46.7, which was lower than expected. It was below 50 for the thirteenth consecutive month, setting the longest record in more than 20 years. • Tangshan and eight surrounding cities in Hebei launched Level II emergency alert to heavy …

Continue reading “Daily Virtual Steel Mill Report 04/12/23”

Verdict: • Short-run Neutral.   Macro: • European Central Bank Governing Council member said that the first interest rate cut may be carried out in mid-2024, and the bet on the ECB’s interest rate cut in April next year seems a bit optimistic. The governor expected the economy to grow by 2.4% in 2023 and …

Continue reading “Daily Virtual Steel Mill Report 30/11/23”

Verdict: • Short-run Neutral to Bearish.   Macro: • Fed Governor Waller seemed to “blown” about potential interest rate cuts, saying that if inflation continues to fall, there may be grounds for a rate cut in a few months, which was irrelevant to economic pressure.   Iron Ore Key Indicators: • Platts62 $129.45, -4.00, MTD …

Continue reading “Daily Virtual Steel Mill Report 29/11/23”