Verdict: • Short-run Neutral. Macro: • India steel maker Vedanta Sesa Goa subsidiary Wester Cluster Ltd announced to invest $2 billion dollars in Lybia to support its iron ore production. Iron Ore Key Indicators: • There was no Platts index due to Singapore holiday. Thus, the trade was quiet on ports and seaborne. …
Tag archives: CC
Daily Virtual Steel Mill Report 17/06/24
Verdict: • Short-run Neutral. Macro: • China M2 for May up 7.0% on the year, M1 down 4.2% on the year. M2- M1 spread widened to 11.2%, refreshed the highest since January 2022. • China May Industrial Value Added Amount above designated scale up 5.6%, last 6.7%.China May House developing investment down 10.1%, last …
Daily Virtual Steel Mill Report 14/06/24
Verdict: • Short-run Neutral. Macro: • The jobless files for US last week at 242,000, est. 225,000, last 229,000. US May PPI up 2.2%, est. up 2.5%, last up 2.2%. • EIA estimated a surplus of 8 million barrels of crude oil supply in 2030. Iron Ore Key Indicators: • Platts62 $106.60, +1.45, …
Daily Virtual Steel Mill Report 13/06/24
Verdict: • Short-run Neutral to Bullish. Macro: • US Federal maintained unchanged for interest rate at 5.25-5.5%, fell into market expectations. However the recent matrix indicated that the probability of interest cut dropped from 3 times to 1 time in 2024. • On June 12th, the European Commission issued a statement proposing to impose …
Daily Virtual Steel Mill Report 12/06/24
Verdict: • Short-run Neutral. Macro: • World Bank increased global GDP growth target in 2024 from 2.4% to 2.6%. China growth rate was increased from 4.5% to 4.8%. US growth target was increased from 1.6% to 2.5%. Iron Ore Key Indicators: • Platts62 $103.80, -4.70, MTD $107.64. The general weak performance of metals …
Daily Virtual Steel Mill Report 07/06/24
Verdict: • Short-run Neutral to Bullish. Macro: • European central bank became the second bank in G7 to announce rate cuts following Canada. The EBC cut major interest rate by 25 bps. Thus, global equities and commodities saw a growth yesterday. • The jobless files of US in last week reached 229,000, est. 220,000, …
Daily Virtual Steel Mill Report 06/06/24
Verdict: • Short-run Neutral. Macro: • Canada cut interest rate by 25 bps to 4.75%, became the first country to cut interest rate in G7. • EIA report indicated that US crude oil inventories up 1.233 million barrels to 456 million barrels, refreshed new high since March 31st, 2023. Iron Ore Key Indicators: …
Daily Virtual Steel Mill Report 05/06/24
Verdict: • Short-run Neutral. Macro: • US JOLTS job openings fall to 8.059 million in April, est. 8.34 million. Iron Ore Key Indicators: •Platts62 $106.80, -2.85, MTD $108.23. The buyers of mid-grade iron ore concentrates were back after two-week drop on the prices. There were two fixed trades of NHGF traded as well as …
Weekly Ferrous Analysis Report 04/06/24
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
European Close 04/06/24
Please click below to view the report https://fisapp.com/wp-content/uploads/2024/06/European-Close-04-06-24-1.pdf 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