Tag archives: CC

Daily Virtual Steel Mill Report 16/08/22

Market Verdict on Iron Ore： • Neutral.   Macro • Chinese central bank PBOC lowered one-year length Medium Lending Facility rate from 2.85% to 2.75%. Market expect Loan Prime Rate in China should follow the decrease soon. • NAHB/Wells Fargo Housing Index(HMI) decrease 6 to 49, created the eighth consecutive monthly decrease. The number was …

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BHP Cuts Investment In Australian Coking Coal Business 16/08/22

Australian resources firm BHP has cut all investment in its Queensland coking coal business, in response to the state government’s coal royalty rate increase and China’s continuing ban on imports of Australian coal. “We are not going to deploy any major capital into the Queensland coal business following the change in the Queensland royalties,” BHP …

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A Room with a Technical View 15/08/22

Capesize September Futures – Technically bearish last week but moving higher on a positive divergence. The futures failed to trade above the USD 25,655 resistance resulting in price trading to a low of USD 13,750. The positive divergence on the daily technical has now failed, warning the USD 11,625 support could be tested. Upside moves …

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Daily Virtual Steel Mill Report 15/08/22

Market Verdict on Iron Ore： • Neutral.   Macro • The U.S. House passed Inflation Reduction Act in 2022. The Act will focus on increase company taxes, reaction to environmental changes, decrease prescription medicines and decrease financial deficit. • Chinese July new issued loans 679 billion yuan, M2 up 12% on the year. The difference …

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Daily Virtual Steel Mill Report 12/08/22

Market Verdict on Iron Ore： • Neutral.   Macro • U.S. July CPI up 8.5%, last 9.1%, est. 8.7%. China July CPI up 2.7 on the year, last 2.5%, est. 2.9%. • Chinese machinery sales in July turned from negative to positive, ended a negative number last for previous 14 months. Jan – Jul machinery …

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