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Tag archives: IO62
DCE drops on mixed market outlook
Iron ore futures opened high before plunging at the close, as the market digested the economic data from China. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange then dropped slightly by 0.38% day-on-day to RMB 781 per tonne on Monday. The steel rebar contract on the Shanghai Futures Exchange also …
Iron Ore DCE January Daily Technical Review Oct 19th
Verdict – Short-term bearish. DCE iron ore tested high below 809.0 on Friday night session, however corrected deeply during Monday. From hourly chart, the rejection around 809.0 area indicated iron ore shift back to bearish territory. Iron ore potentially test 751.5, which was a three month low level. CCI rebounded from the lowest level last …
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Daily Ferrous Physical Review Oct 19th
Ferrous Market – Steelbank Inventory: construction steel inventories 6.73 million tonnes, down 7.94% w-o-w. HRC 6.38 million tonnes, down 4.83%. – World Steel Association: 2o2o Global steel demand down 2.4% y-o-y to 1.725 billion tonnes. Year 2021 steel demand recovered to 1.795 billion tonnes, up 4.1% estimated. – MySteel 45 ports iron ore inventories at …
A decent rebound for the post-Golden week
A total of 1.5 million mt of iron ores was traded for the week ended Oct 16, up almost 8.7% week-on-week as compared to the 1.38 million mt recorded as of Sep 30. The uptick in trading volumes was due to the return of Chinese participants from the weeklong National Day holidays in early October. …
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DCE dips further as port inventory reaches 7-month high
Iron ore futures ended the week in decline due to high port inventory and slow steel demand in China. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange dipped down by 0.63% day-on-day to RMB 785.50 per tonne on Friday. The steel rebar contract on the Shanghai Futures Exchange remained flattish …
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Iron Ore DCE January Daily Technical Review Oct 16th
Verdict – Short-term neutral. DCE iron ore exhausted on previous correction and created a doji during the day. However the previous support removed from 783.5 to 776.5, iron ore still created lower lows and lower highs. From hourly chart, slow stochastic KD created gold cross and widened. MACD is narrowing and potentially create gold cross. …
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Daily Ferrous Physical Review Oct 16th
Ferrous Market – Mysteel researched 247 blast furnace operation rate at 88.41%, down 0.78% w-o-w. Utilisation rate 92.91%, down 0.30% w-o-w. Daily pig iron production 2.47 million tonnes, up 8,000 tonnes. – MySteel 45 ports iron ore inventories at 122.39 million tonnes, up 1.78 million tonnes w-o-w. Daily evacuation 3.12 million tonnes, down 58,500 tonnes …
DCE drops on oversupplied market
Iron ore futures dipped on slower steel demand and high inventory among end-users. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange dipped down by 2.17% day-on-day to RMB 787.50 per tonne on Thursday. The steel rebar contract on the Shanghai Futures Exchange was almost flat and dropped slightly by 0.28% …
Iron Ore DCE January Daily Technical Review 15/10/20
Verdict – Short-term bearish. DCE iron ore keep correction for the fourth trading day and the intra-day low tested the first support level at 783.5 observed from last week. A breakdown on this level would trigger a new round of correction towards 751.5, and restart bearish tunnel in mid-run. From hourly chart, slow stochastic correcting …
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