Iron ore futures continued to spiral downward for third consecutive trading days as steel prices and margins began to decline. The futures of Dalian Commodity Exchange (DCE) for September delivery then dropped by 5.70% on-day or up RMB 69 to RMB 1,142.50/mt on Thursday. The steel rebar contract on the Shanghai Futures Exchange, also fell …
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Iron Ore DCE Sep Daily Technical Review 20/5/21
Verdict – Short-term neutral. DCE iron ore September contract tested low several times on 1102.0 area and rebounded, however still have some distance to the previous upper bound of the gap created last night. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI started to rebound prior to other technical signals. A …
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Daily Virtual Steel Mill Report 20/5/21
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · U.S. Federal meeting said if the economy continues to grow rapidly, it is appropriate to start discussing reducing the scale of bond purchase “at some time”, with mentioning the monetary policy. U.S. Treasury bonds corrected and traders raising expectations for the Federal …
Daily Virtual Steel Mill Report 19/5/21
Market Verdict on Iron Ore： · Iron ore short-run neutral to bearish. Macro · On May 18, China’s National Development and Reform Commission(NDRC) held a regular press conference: the NDRC and the General Administration of Market Supervision are jointly investigating the market conditions of steel and iron ore. “We will accelerate the construction of …
Daily DCE Review 19/5/21
Iron ore futures dipped by the close of the day trading session, as trade participants expected more top-down measures to cool the market. The futures of Dalian Commodity Exchange (DCE) for September delivery then dropped for the second consecutive day by 3.25% on-day or up RMB 40 to RMB 1,192.50/mt on Wednesday. The …
Daily DCE Review 18/5/21
Iron ore futures closed the afternoon session on high, following the uptick in the morning session amid strong steel demand. The futures of Dalian Commodity Exchange (DCE) for September delivery then rose by 4.32% on-day or up RMB 51.50 to RMB 1,242.50/mt on Tuesday. The steel rebar contract on the Shanghai Futures Exchange, however inched …
FIS Weekly Virtual Steel Margin Report 18/05/21
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Daily DCE Review 17/5/21
Iron ore futures started the week on slight gains against the huge rally seen last week as the market stabilized amid high steel prices. The futures of Dalian Commodity Exchange (DCE) for September delivery then inched up by 0.93% on-day or up RMB 11 to RMB 1,197.50/mt on Monday. The steel rebar contract on the …
Iron Ore DCE Sep Daily Technical Review 17/5/21
Verdict – Short-term neutral. DCE iron ore September contract maintained consolidation in narrow range during the day, with 1214 as upper bound and 1166 as the lower bound. Volume narrowed consecutively during the trading day. Hourly CCI rebounded. Hourly MACD potentially create gold cross. However as the first day after a two day huge correction, …
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Daily Virtual Steel Mill Report 17/5/21
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · China National Bureau of Statistics: Jan-Apr electric power generation 2.53 trillion kwh, up 16.8% y-o-y, up 10.9% compared to the year 2019. · China April above scale industry realised added value growth rate 9.8%, last 14.1%, est. 9.8%. · Jan -Apr, China National …