FIS API Blog
Iron ore futures soared on Monday after latest data indicated that China is recovering robustly from the coronavirus pandemic. The Caixin/Markit Manufacturing Purchasing Manager for May came in at 50.7, better than both market estimates and the reading of previous month of 49.6 and 49.4 respectively, indicating that China is expanding faster than expected. …
Continue reading “Iron ore soars on China recovery, supply fears”
Chinese futures started the week on bullish note, amid market supply concerns and better economic data from China. The most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, hiked up by 3.22% day-on-day to RMB 752.50 per tonne on Monday. Following the rally, the steel rebar contract on the Shanghai …
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Verdict – Short-term reversal on high level. DCE iron ore pushed up and loss all gains by last two hours. From hourly chart, slow stochastic KD created dead cross in overbought area. CCI created divergence with candles during the second hour of Asian morning. It is worth noting that 100,000 lots of long positions built …
Iron ore’s surge, with its latest jump to three-digits, is set to persist in the short term powered by supply concerns, before a market surplus in the second half spells a decline for the steelmaking material. Physical spot ore surged to $101.05 a ton on Friday, the highest since August, according to Mysteel Global. Elevated steel …
Continue reading “Iron Ore Seen Gripping On to Surge Before Eventual Descent”
When China sneeze, the world catches cold, as the saying goes. However, if China economy recovers, how will the global market react? Once again, there were signs of recovery for the country’s economic after it was heavily embattled by the coronavirus pandemic earlier this year. In May, both the official and private Purchasing Manufacturing Index …
Continue reading “China’s speedy recovery boosts PMIs in May”
Iron Ore and Steel Market Updates – Tangshan brought out new air pollution restriction in June, will potentially affect 35,000 tonnes of pig iron production, equal to 12% lower on blast furnace utilisation rate in Tangshan. – Steelbank Inventory: rebar inventories 7.49 million tonnes, down 4.24% w-o-w. HRC 2.21 million tonnes, down 6.93% w-o-w. – …
Chinese futures rallied toward the end of the trading close, on higher construction steel demand and tighter inventory. The most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, jumped by 6.44% day-on-day to RMB 752 per tonne on Friday. Following the rally, the steel rebar contract on the Shanghai Futures …
One thing that has confusingly held true up to now was that, against all the trends of many other commodities and market, iron ore kept on rising. It has been the black sheep of the markets, standing there, teeth gritted, weathering the storm that had swept away many other markets. However, just as other markets …
We are seeing History in the making when the European Union announced its 750 billion- Euro ($824 billion) recovery package, aimed at boosting economic growth and creating a swathe of new jobs. The capital injection will have global financial markets breathing a sigh of relief, following the commitment from China at the Two Session to …
