Tag archives: IO

European Close 23-11-20

Steel margins remains supported at CNY 301; however, the iron ore market has now started to come under pressure with yesterday’s futures closing 1.12 % lower at USD 123.35.  Price dropped from a six year high after BHP flagged near-term downside risks to Morgan Stanley at a roundtable last week. BHP cited a rebound in …

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DCE slides on lower steel prices

Iron ore futures went down on lower steel prices, following the slowdown in Chinese construction activities as winter approached. Thus, the most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange dropped by 1.20% or RMB 10.50 day-on-day to RMB 867.50/mt on Monday. The steel rebar contract on the Shanghai Futures Exchange also …

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Iron Ore DCE January Daily Technical Review Nov 23rd

Verdict – Short-term neutral to bearish. DCE iron ore Jan contract leaked in the first Asian morning session with the biggest one hour trading volume since Nov 6th, indicated the current high became a resistance level. The low of the day was same point as the high in Nov 17th at 861.5. A breakdown on this level …

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Daily FerrousPhysical Review Nov23rd

Ferrous Market – Steelbank Inventory: construction steel inventories 3.92 million tonnes, down 12.67% w-o-w. HRC 1.58 million tonnes, down 8.68%. – Tangshan 8 mills average pig iron pre-tax cost 2446 yuan/tonne, billet after-tax cost 3181 yuan/tonne, up 2 yuan/tonne. Gross profit 449 yuan/tonne, up 48 yuan from last week. – Peru Mining statistic indicated iron ore September production at …

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European Close 20/11/20

Iron ore had been looking vulnerable earlier in the week with the daily candles for the last 3 day’s closing higher but lacking any real momentum with the candles producing small bodies.   The technical aspect of the market looks like it could exhaust soon; however, rising steel prices, a small easing in the stockpiles and …

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