Verdict: • Short-run Neutral. Macro: • US Federal maintained interest rate from 5.25- 5.5% unchanged in the FOMC meeting in September, fell in the expectation of economists. • UK inflation rate refreshed an 18-month low, which decreased expectations on further hikes. Iron Ore Key Indicators: • Platts62 $124.65, +1.90, MTD $121.42. JMBF discount …
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Daily Virtual Steel Mill Report 20/09/23
Verdict: • Short-run Neutral. Macro: • The OECD increased economy growth to 3.0% from 2.7% for 2023, and decreased growth rate from 2.9% to 2.7% for 2024. • IMF governor Alfred Kammer indicated that the ECB cannot afford interest cut in 2024. Iron Ore Key Indicators: • Platts62 $122.75, -1.70, MTD $121.15. JMBF …
Ferrous Weekly Report 19/09/23
Please click below to view the report For more information please contact FIS info@freightinvestor.com London +44 (0) 207 090 1120 Singapore +65 6535 5189 Dubai + 971 4 449 3900 Shanghai: +86 21 6335 4002 US (CT): +1 203 325 8004 7-23.pdf” title=”Europe Africa Bunker Fuel Market Update 06-07-23″][pdf-embedder url=”https://fisapp.com/wp-content/uploads/2023/07/Americas-Bunker-Fuel-Market-Update-13-07-23-003-1.pdf” title=”Americas Bunker Fuel …
Daily Virtual Steel Mill Report 19/09/23
Verdict: • Short-run Neutral. Macro: • US Treasury Secretary Janet Yellen said that it’s premature to judge the impact of UAW strike, and sought for a “win-win” deal. • ECB governors indicated that the Thursday interest hike potentially become the last hike in the year. Iron Ore Key Indicators: • Platts62 $124.45, -1.15, …
Daily Virtual Steel Mill Report 18/09/23
Verdict: • Short-run Neutral. Macro: • FedWatch indicated that the probability of skipping interest hike in September reached as high as 98%. The 25 bps hike probability for November or December reached 60%. Iron Ore Key Indicators: • Platts62 $125.60, +1.65, MTD $120.66. The seaborne iron ore market saw improved popularity because of …
Daily Virtual Steel Mill Report 15/09/23
Verdict: • Short-run Neutral to Bullish. Macro: • China announced reserve requirement ratio cut by 0.25% to consolidate the foundation for economy recovery. The reduction is the second RRR cut during 2023, expected to release over 500 billion yuan in medium liquidity. Iron Ore Key Indicators: • Platts62 $123.95, +1.45, MTD $120.11. The …
Daily Virtual Steel Mill Report 14/09/23
Verdict: • Short-run Neutral. Macro: • US August CPI up 3.7%, higher than expected 3.6%, last 3.2%. Core CPI up 4.3%, est. 4.3%, last 4.7%. • Europe Union will launch a probe of EV subsidies against China. Iron Ore Key Indicators: • Platts62 $122.60, +1.95, MTD $119.21. The mid-grade saw massive fixed trade …
Daily Virtual Steel Mill Report 13/09/23
Verdict: • Short-run Neutral. Macro: • BOE indicated that the inflation target of 2% was approachable in two years. • OPEC monthly report indicated that the crude oil shortage reached 3 million barrels/day due to the extension production cut by Saudi Arab. Iron Ore Key Indicators: • Platts62 $122.60, +1.95, MTD $119.21. Although the …
Daily Virtual Steel Mill Report 12/09/23
Verdict: • Short-run Neutral to bullish. Macro: • ECB predicted Euro Zone GDP growth by 0.8% in 2023 on the year, up 1.3% in 2024, lower than expected 1.1% and 1.6% respectively from last time. Iron Ore Key Indicators: • Platts62 $120.65, +3.85, MTD $118.65. Although the primary market of seaborne iron ore …
Daily Virtual Steel Mill Report 11/09/23
Verdict: • Short-run Neutral. Macro: • China Newspaper saw credit growth rebound in August, when policy makers are likely to use RRR cuts and other financial tools to flexibly maintain at low cost funding to the banking system. • Guangzhou, China scrapped price limit on new homes by decreasing the mortgage rate at Loan …