A Room with a Technical View 05/07/22

Capesize August Futures – last week we noted that the divergence will need to be monitored on the July contract, price did move higher but failed to trade above the fractal resistance at USD 26,625 resulting in the futures moving to the downside. The roll into August has created a higher high meaning the rolling …

Daily Virtual Steel Mill Report 04/07/22

Market Verdict on Iron Ore: • Neutral.   Macro • China 100 cities new built houses traded 28.37 million square meters in June, up 37% from May, down 34% on the year. The year-on-year growth slowed down.   Iron Ore Key Indicators: • Platts62 $116.45, -3.65, Jul Avg $116.45. The physical July and August iron …

Daily Virtual Steel Mill Report 01/07/22

Market Verdict on Iron Ore: • Neutral.   Macro • Opec and Non-Opec oil production countries decided to increase 648,000 barrels of crude oil production in August. • Global central banks revealed that inflation control was the most important thing although the process potentially eliminate the economy growth.   Iron Ore Key Indicators: • Platts62 …

China June Steel PMI Hits Decade Low Amid High Inventory 01/07/22

China’s steel industry purchasing manager’s index for June hit its lowest level in over a decade, with the government’s pledge to go all-in on infrastructure spending to rescue the economy yet to register with producers. The steel PMI tumbled to 36.2, deep in contraction, with new orders plummeting to 25.9, according to official figures released …

Daily Virtual Steel Mill Report 30/06/22

Market Verdict on Iron Ore: • Neutral.   Macro • Reuters: a market source indicated that G7 has initiated talks with China and India regarding to the price ceiling on crude oil from Russia. • China June official PMI 50.2, est. 50.5, last 49.6.   Iron Ore Key Indicators: • Platts 62%: $123.20 (-1.80) MTD …