As expected, the iron ore market has traded up to new highs today with the DCE futures trading up to 861.5 and the Dec offshore trading to a high of USD 122.99. Iron ore is following the steel Rebar that continues to push higher on strong industrial and property data with output in October remaining …
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DCE benefits from high steel prices and margins
Iron ore futures hiked up higher on better steel prices and market optimism on better steel margins and demand. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange booked a gain of 2.64% or RMB 22 day-on-day to RMB 855/mt on Monday. The steel rebar contract on the Shanghai Futures Exchange …
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FIS Weekly Ferrous Report 17/11/2020
Iron ore remains neutral to bullish, with limited room to the upside in the short-run since futures values are converging with DCE deliverable physical values. Macro: The signing of RECP by 15 Asian countries (Reuters) indicated industrial commodities facing more tax exemptions in next few years. It will also help to build a transparent and …
FIS Ferrous Weekly Report 17112020
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European Close
On Friday we felt that there should still be another move higher for iron ore in this cycle, with our rule of alternation suggesting we should base between RMB 820 – RMB 811 but ultimately needed to see a pullback that held above the RMB 798 level. The Singapore holiday has been kind to us …
London Iron Ore Market Report
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Oil and Ore Intraday Morning Technical
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Iron Ore DCE January Daily Technical Review Nov 16th
Verdict – Short-term neutral. DCE iron ore Jan contract volatility increased and the high low range expanded compared to last Friday. A rejection on 850.0 would stuck iron ore in 819.5-850.0 in short-run. However a breakthrough on 850.0 would potentially trigger a new round of rebound. Hourly MACD potentially create a gold cross. Technical signals …
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Daily Ferrous Physical Review Nov 16th
Ferrous Market – Steelbank: construction steel inventory 4.49 million tonnes, down 12.91% w-o-w. HRC inventory 1.67 million tonnes, down 14.44% w-o-w. – China October crude steel production 92.2 million tonnes, up 12.7 y-o-y. Jan – Oct crude steel production 873.93 million tonnes, up 5.5% y-o-y. – China Ministry of Industrial and Information Technology researcher indicated …
European Close 13/11/20
Iron ore bulls will have been happy with how the week was going before it wrapped. Prices were firm with an expectation that we could see another round of buying before the winter season started. This all changed 28 minutes before the closing bell, with price stalling below the CNY 850 resistance, leaving the market …