Verdict: • Short-run Neutral to Bullish. Macro: • The United Nations conference on trade and development predicted that the global GDP growth will be around 3% in 2024, the short-term trade outlook is cautiously optimistic. Global trade volume may reach 32 $trillion in 2024, however lower than record high at 2022. • US Federal …
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Daily Virtual Steel Mill Report 02/07/24
Verdict: • Short-run Neutral. Macro: • China Caixin markit PMI up to 51.8 in June, refreshed new high from June in 2021, indicating the manufacturing operation entered an expansion period. • On Monday, iron ore, major commodities and equity market spiked supported by Chinese central bank PBOC plan to borrow government bonds from primary …
Daily Virtual Steel Mill Report 01/07/24
Verdict: • Short-run Neutral. Macro: • US PCE index for May grew 2.6% on the year, flat from estimation, which supported the interest cut expectation. The interest cut probability raised from 64% to 68% after the news. • Panama Canal began to gradually increase daily transits from July 22nd. The Canal expected to increase …
Daily Virtual Steel Mill Report 28/06/24
Verdict: • Short-run Neutral. Macro: • China National Bureau of Statistics: From January to May, the total profit of the ferrous metal smelting and rolling processing industry was a loss of 12.72 billion yuan. • The IMF has lowered its forecast for real GDP growth in US in 2024 from 2.7% in April to …
Daily Virtual Steel Mill Report 27/06/24
Verdict: • Short-run Neutral. Macro: • US new house sales down 11.3% in May, refreshed six-month low because of the high mortgage rate. The new house supplies refreshed 16-year-high. • From January to May, China industrial enterprises above designated size value added amount reached 2.75 trillion yuan, up 3.4% on the year. Iron …
Daily Virtual Steel Mill Report 26/06/24
Verdict: • Short-run Neutral. Macro: • US Federal governor Miki Bowman said the earliest interest cut would be in 2025 concerning the high inflation rate. However, the other governor Lisa Cook indicated the inflation went down in March and June, the interest cut in 2024 would be propriate. Iron Ore Key Indicators: • …
Weekly Ferrous Analysis Report 25/06/24
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Daily Virtual Steel Mill Report 25/06/24
Verdict: • Short-run Neutral. Macro: • EU Comission will launch a technical conference with China regarding to the current plan on imposing EVs import duty. Iron Ore Key Indicators: • Platts62 $102.65, -2.45, MTD $106.72. Steel demand became slower as China entered rainy weather in southern areas and extreme high temperature in northern …
Daily Virtual Steel Mill Report 24/06/24
Verdict: • Short-run Neutral. Macro: • The Central Meteorological Observatory of China issued rainstorm warning that from 8:00 on June 24th to 8:00 on June 25th, there would be heavy to rainstorm in at least 8 provinces of China. • US existing home sales fell a third month by 0.7% to 4.11 million, as …
Daily Virtual Steel Mill Report 21/06/24
Verdict: • Short-run Neutral. Macro: • The Ministry of Housing and Urban Rural Development held a conference on acquisition of existing commercial houses for use as affordable houses. Many regions should promote cities at or above the county level to effectively and orderly carry out the purchase of existing commercial housing as affordable housing. …