Daily Virtual Steel Mill Report 05/01/24

Verdict: • Short-run Bearish.   Macro: • The United Nations released the “World Economic Situation and Prospects 2024”: Global economic growth is expected to slow down from 2.7% in 2023 to 2.4% in 2024. At the same time, the report predicts that global inflation will fall further, from 5.7% in 2023 to 3.9% in 2024. …

Iron Ore DCE May24 Daily Technical Review 04/01/24

Verdict- Be Aware of Market Reversal. DCE May24 contract corrected after saw the high created last morning. From hourly chart, MACD created dead cross. Slow stochastic KD corrected after the dead cross in overbought area. The current technical signals were indicating an exhaustion at absolute high level, be aware of taking gains or sharp reversal. …

Daily Virtual Steel Mill Report 04/01/24

Verdict: • Short-run Neutral to Bearish.   Macro: • The minutes of the Federal Reserve meeting showed the interest rate hike cycle that began in 2022 potentially have ended, and the federal funds rate should peaked. Interest cuts are expected to come before the end of 2024.   Iron Ore Key Indicators: • Platts62 $143.95, …

Daily Virtual Steel Mill Report 03/01/24

Verdict: • Short-run Neutral.   Macro: • China real estate developers rise after China injected $50 billion worth of low-cost funds into banks last month. Shanghai also announced lower down payment ratio for houses on Tuesday.   Iron Ore Key Indicators: • Platts62 $143.20, +2.70, MTD $143.20. The liquidity injection news from China supported the …

Iron Ore DCE May24 Daily Technical Review 02/01/24

Verdict- Be Aware of Market Reversal. DCE May24 contract created new high over active contracts since August 2021. Iron ore saw increasing positions significantly during the trading day. Houry MACD widened in bullish area. Hourly slow stochastic KD approached overbought area. Hourly CCI was stable at bullish area. Above 1000.0 level was absolute high for …

Daily Virtual Steel Mill Report 02/01/24

Verdict: • Short-run Neutral.   Macro: • China December Manufacturing PMI 49.0, est. 49.5, last 49.4. Non-Manufacturing PMI 50.4, est. 50.5, last 50.2.   Iron Ore Key Indicators: • Platts62 $140.50, +1.60, MTD $136.37. Steel mills maintained low inventory levels during past week due to low steel margin. FMG widened the discounts for term contracts …

Daily Virtual Steel Mill Report 22/12/23

Verdict: • Short-run Neutral.   Macro: • US Q3 GDP annual rate at 4.9%, less than expected 5.2%. Q3 PCE consumer price index up 2% on the year, lower than expected 2.3%. • China tax council announced a new list of tax exemption and preference lists covering as many as 8957 items of commodities, including …

Iron Ore DCE May24 Daily Technical Review 21/12/23

Verdict- Neutral to Bullish. DCE May24 contract broke important resistance at 958.0, and accelerated rebound as expected. The next level was 975.5, listed high of May24 in DCE. Hourly CCI went high in bullish territory. Hourly slow stochastic KD entered overbought area. Hourly MACD widened in bullish territory. First support 933.5. First resistance 975.0.  

Daily Virtual Steel Mill Report 21/12/23

Verdict: • Short-run Neutral.   Macro: • EIA statistics indicated that US crude oil production reached 13.3 million barrels/day, refreshed historical high. • UK CPI in November down 0.2% on the month, created the first negative number since July.   Iron Ore Key Indicators: • Platts62 $134.95, +1.15, MTD $134.80. Seaborne market regained popularity after …