FIS API Blog
Verdict – Short-term neutral to bearish. DCE iron ore Jan contract leaked in the first Asian morning session with the biggest one hour trading volume since Nov 6th, indicated the current high became a resistance level. The low of the day was same point as the high in Nov 17th at 861.5. A breakdown on this level …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 23rd”
Ferrous Market – Steelbank Inventory: construction steel inventories 3.92 million tonnes, down 12.67% w-o-w. HRC 1.58 million tonnes, down 8.68%. – Tangshan 8 mills average pig iron pre-tax cost 2446 yuan/tonne, billet after-tax cost 3181 yuan/tonne, up 2 yuan/tonne. Gross profit 449 yuan/tonne, up 48 yuan from last week. – Peru Mining statistic indicated iron ore September production at …
A total of 2.68 million mt of iron ores was traded for the week ended Nov 20, nearly doubled week-on-week, as compared to 1.82 million mt recorded last week. The high transaction volume was attributed to active restocking activities that typically occurred at the second half of November ahead of the winter season. PBF had …
Continue reading “Good restocking activities before winter season”
Iron ore futures ended the week on gains, after a late session rally driven by good steel margins and prices. Thus, the most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange went up by 1.72 % or RMB 15 day-on-day to RMB 887.50/mt on Friday. The steel rebar contract on the Shanghai …
Continue reading “DCE closes the week on gain from steel rally”
Verdict – Short-term neutral to bullish. DCE iron ore Jan contract created yearly high again during the day. A correction above 874.0 should be consider as a normal correction and market remain bullish. At the same time, DCE iron ore may contract was weaker since the long jan-may arbitraging. The key driver of ferrous growth …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 20th”
Ferrous Market – MySteel 45 ports iron ore inventories at 127.51 million tonnes, down 263,000 tonnes w-o-w. Daily evacuation 3.22 million tonnes, up 49,200 tonnes w-o-w. Australia iron ore 59.88 million tonnes, up 111,500 tonnes w-o-w. Brazil iron ore 41.61 million tonnes, up 578,900 tonnes w-o-w. 129 ships at ports, down 1 w-o-w. – Mysteel …
Iron ore futures rallied on high steel margins and prices, after a strong opening at the start before moving flattish at the closing afternoon session. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange then hiked up by 2.45 % or RMB 21 day-on-day to RMB 876.50/mt on Thursday. The steel …
Verdict – Short-term neutral, be aware of reversal. DCE iron ore Jan contract rebound with increasing volume, Jan contract created historical high at 886.0. However hourly slow stochastic KD created dead cross near overbought area. Hourly CCI created bearish divergence with hourly candle from the first hour of the day. The first support is 850.0. …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 19th”
Ferrous Market – Tangshan 10 steel mills average pig iron cost 2446 yuan/tonne, billet cost 3181 yuan/tonne, up 2 yuan/tonne. Mills gross profit 419 yuan/tonne, up 18 yuan w-o-w. – China coal mines safety and inspection bureau planned to investigate Shanxi Province on the safety production and facilities for three months. – MySteel Rebar Inventory: …
Iron ore futures rose higher on better steel prices, despite a choppy session as some market participants doubt whether the rally was sustainable. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange then inched up by 1.48% or RMB 12.50 day-on-day to RMB 858/mt on Wednesday. The steel rebar contract on …
