Iron ore futures reversed into losses, as market confidence took a hit from poor economic indicators in August, and extension of steel output cuts to more Chinese provinces. The futures of Dalian Commodity Exchange (DCE) for September delivery then dropped by 5% day-on-day or down RMB 42.50 to RMB 808/mt, during the day trading session …
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Weekly Virtual Steel Margin Report 31/08/2021
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Daily DCE Review 30/8/21
Iron ore futures extended the rally from last week, as market prepared for the peak construction season in upcoming Sep-Oct period. The futures of Dalian Commodity Exchange (DCE) for September delivery then inched up by 0.66% day-on-day or up RMB 5.50 to RMB 835/mt, during the day trading session on Monday. The rebar futures followed …
Iron Ore DCE Jan Daily Technical Review 30/8/21
Verdict – Short-term neutral. DCE iron ore January contract completed four Elliot waves from hourly chart. Currently confirming the fifth wave. A breakthrough on 874.0 would start a new round of fifth wave and potentially targeting above 900 level. Otherwise iron ore consolidation. A breakdown on 813.5 would indicate the end of last round of …
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Daily Virtual Steel Mill Report 30/8/21
Market Verdict on Iron Ore： · Neutral. Macro · Sun Hui, deputy director of the Shanghai headquarters of the People’s Bank of China: develop the RMB settlement in crude oil, iron ore, grain, rubber and other bulk commodities, overseas contracted projects and other key fields, as well as start to breakthrough on the new settlements …
Ferrous trade weekly review 27/8/21
A total of 920,000 mt of iron ores was traded for the week ended Aug 27, down 3.16% week-on-week, despite some price recovery at the end of the week. Iron ore prices had rebounded as some trade participants believed that the pricing had reached near term bottom, while restocking activities had picked up before the …
Daily Virtual Steel Mill Report 27/8/21
Market Verdict on Iron Ore： – Neutral. Macro – The day before chairman Powell’s important speech, hawkish officials of the Federal Reserve urged to start reducing the Treasury Bond purchase plan. They believe that the plan has become ineffective or even harmful. Iron Ore Key Indicators: – Platts62 $153.35, +3.90, MTD $159.72. – MySteel 45 …
Daily DCE Review 26/8/21
Iron ore futures rallied further on Thursday, recovering loss ground from recent slump, as the steel market entered traditional peak season. The futures of Dalian Commodity Exchange (DCE) for September delivery then inched up by 0.74% day-on-day or up RMB 6 to RMB 816/mt, during the day trading session on Thursday. The rebar futures however, …
Daily Virtual Steel Mill Report 26/8/21
Market Verdict on Iron Ore： · Neutral to bullish Macro · S&P 500 and Nasdaq closed on prehistoric high yesterday. Iron Ore Key Indicators: · Platts62 $149.45, +0.85, MTD $160.09. · Brazil Minas Gerais State No. 8 iron ore miner received environment approval by the end of year 2021, and the miner will immediately start …
Iron Ore DCE Jan Daily Technical Review 26/8/21
Verdict – Short-term neutral. DCE iron ore January contract reached 7 day high intra-market, however gave back most of gains. In general iron ore maintained oversold rebound this week. However 844.0 rejected iron six times from hourly chart, which was a strong resistance in short-run. Hourly candles created higher consolidation area, and proved a rebound …
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