Daily Virtual Steel Mill Report 20/07/22

Market Verdict on Iron Ore: • Neutral to bullish.   Macro • Russia expected to restart Nordstream I Natural Gas pipe on Thursday, with 40% capacity. • Eurozone June CPI up 8.6%, last 8.6%, est. 8.6%.   Iron Ore Key Indicators: • Platts62 $96.45, -4.45, MTD $107.61. Resurgence of Covid-19 spread in new areas of …

A Room with a Technical View 18/07/22

Capesize August Futures – Technically bullish last week but buy-side momentum had stalled due to the lack of trend in the market, the futures traded below the base of the 3-river morning star pattern but held above the USD 25,437 support. Price has since traded above the USD 29,500 and USD 30,250 fractal resistance levels, …

Daily Virtual Steel Mill Report 15/07/22

Market Verdict on Iron Ore: • Neutral.   Macro • “Hawkish” U.S. Federal official James Bullard favors 75 basis point hike in July, reversed previous view on 100 basis points. FedWatch suggested that the probability of 100 bp hike dropped from 80% to 45% in a day. • China NDRC indicated that the 3% CPI …

China Studies Ending Australia Coal Ban on Supply Fear 15/07/22

China Studies Ending Australia Coal Ban on Supply Fear   Chinese bureaucrats studying the energy outlook are proposing to end a near two-year ban on Australian coal as tensions begin to ease and on concerns supply may tighten when Western-led sanctions on Russian energy kick in. The proposal will be submitted to senior leaders, with …