Verdict: • Short-run Neutral. Macro: • The United Nations has released the “2024 World Economic Situation and Outlook” report, which shows that compared to January 2024, the United Nations is more optimistic about the world economic outlook and has raised its global economic growth forecast for this year from 2.4% at the beginning of …
Tag archives: CC
Daily Virtual Steel Mill Report 16/05/24
Verdict: • Short-run Neutral to Bearish. Macro: • US April CPI up 3.4%, est. 3.4%, last 3.5%. PCE down 3.6% on the year, created biggest annual basis drop since April 2021. Iron Ore Key Indicators: • Platts62 $114.15, -0.90, MTD $116.78. The pellets were traded higher during this week in Asian market. However the …
Daily Virtual Steel Mill Report 15/05/24
Verdict: • Short-run Neutral to Bearish. Macro: • US April PPI up 0.5% on the month, est. 0.3%, last 0.2%. US April PPI up 2.2% on the year, est. 2.2%, last 2.1%. • US president Joe Biden was raising levies on semi-conductors, batteries, solar cells and some critical minerals, in addition to last reported …
Daily Virtual Steel Mill Report 14/05/24
Verdict: • Short-run Neutral to Bearish. Macro: • Anglo American rejected second offer of $42.7 billion from BHP, saying the undervalue of the company. Iron Ore Key Indicators: • Platts62 $117.25, +0.65, MTD $117.33. There was lack of concentrates trade yesterday, given a derailment news from Rio Tinto. China total iron ore arrivals …
Daily Virtual Steel Mill Report 08/05/24
Verdict: • Short-run Neutral to Bearish. Macro: • The European stock market hit a record high, with strong performance from UBS and UniCredit, boosting optimism about interest rate cuts. The STOXX 600 index rose 1.1%, marking its best daily performance in over three months. The Spanish stock index rose 1.5%. The French stock CAC-40 …
Daily Virtual Steel Mill Report 07/05/24
Verdict: • Short-run Neutral. Macro: • China Daily: Xi says there is no such thing as “China overcapacity” in a China-France-EU trilateral meeting with French President Emmanuel Macron and European Commission President Ursula von der Leyen, and urged to increase cooperation in green and data transition and decrease trade barriers. • US Federal Williams …
Daily Virtual Steel Mill Report 29/04/24
Verdict: • Short-run Neutral. Macro: • World Steel Association statistic indicated that the total pig iron production reached 318 million tons in Q1 among the 37 major countries, down 1.4% on the year. These 37 major countries accounted for 98.25% of capacities over the world. • Russia announced to cancel tariffs on the thermal …
Daily Virtual Steel Mill Report 26/04/24
Verdict: • Short-run Neutral. Macro: • According to data released by the US Department of Commerce, the US real gross domestic product (GDP) grew at an annual rate of 1.6% in the first quarter of this year, which is significantly narrower than the 3.4% growth rate in the fourth quarter of last year, est. …
Daily Virtual Steel Mill Report 25/04/24
Verdict: • Short-run Neutral. Macro: • DCE: From trading on April 26th, non-futures company members or customers were not allowed to open more than 500 lots per day on May24 and Sep24 contracts. For other contracts, less than 2000 lots per day. • Anglo American Q1 iron ore production at 15.14 million tons, up …
Daily Virtual Steel Mill Report 23/04/24
Verdict: • Short-run Neutral. Macro: • China April loan prime rate for 1-year length at 3.45%, unchanged from March. 5-year length loan prime rate at 3.95% unchanged from March. Iron Ore Key Indicators: •Platts62 $116.85, -0.65, MTD $108.38. •During past week, Australia and Brazil total shipped 24.56 million tons, up 5.365 million tons …