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Iron ore futures inched up by the end of the week, despite narrowing steel margins and high raw material costs. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange rose slightly by 0.84% day-on-day to RMB 837 per tonne on Friday. The steel rebar contract on the Shanghai Futures Exchange ended …
Continue reading “DCE ends the week higher amid narrowing steel margins”
Ferrous Market – MySteel 45 ports iron ore inventory at 114.56 million tonnes, up 824,600 tonnes w-o-w. Daily evacuation 3.14 million tonnes down 117,200 tonnes w-o-w. Australia iron ore on ports at 57.79 million tonnes down 1.13 million tonnes w-o-w. Brazil iron ore on ports at 30.31 million tonnes up 280,300 tonnes w-o-w. 165 ships …
Iron ore futures continued to slide under selling pressures due to mixed market outlook over steel demand. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange plunged by 2.26% day-on-day to RMB 822 per tonne on Thursday. The steel rebar contract on the Shanghai Futures Exchange also faced correction and went …
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Verdict – Short-term bearish. Maintain short-run bearish during this week. Iron ore created many long upper shadow candles, indicating majority of new buyers are intra-day traders, versus most sellers are holding longer period of time. The resistance level was the high of each trading day. From hourly chart, slow stochastic KD created cyclical low. MACD …
Continue reading “Iron Ore DCE January Daily Technical Review Sep 10th”
Ferrous Market – Ganggu Construction Steel Inventory: production 5.58 million tonnes, down 137,900 tonnes w-o-w. Mills inventory 4.88 million tonnes, down 126,400 tonnes w-o-w. Circulation inventory 11.47 million tonnes, up 37,200 tonnes w-o-w. – MySteel Rebar Inventory: Rebar production 3.72 million tonnes, down 2.82% w-o-w. Mills inventory 3.58 million tonnes, down 2.35% w-o-w. Circulation inventory …
Iron ore futures entered another correction phrase for the second consecutive days, following a market selloff at the close. Thus, the most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange plunged by 3.40% day-on-day to RMB 824.50 per tonne, after nosediving from a high opening. The steel rebar contract on the Shanghai …
Verdict – Short-term bearish. DCE iron ore correct during the day, the current three days created lower highs. Each trading day ended with long upper shadows, indicating the marginal power is diminishing for new buyers. Hourly MACD created lower dead cross. Hourly slow stochastic KD is also creating lower dead cross. Technical signals are indicating …
Continue reading “Iron Ore DCE January Daily Technical Review Sep 9th”
Ferrous Market – Australia Walcott Pier #1&2, 5&6 maintenance total impact 990,000 tonnes of iron ore delivery this week. Geraldton Pier 5 potential decrease delivery because of sea wave. Brazil Tubarao, PDM total delivery impact arround 910,000 tonnes. – MySteel 45 port iron ore arrivals at 23.99 million tonnes down 558,000 tonnes w-o-w. Northern 6 …
Iron ore futures faced slight correction after recent rally as buyers paused from procurement in waiting for clearer market directions. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange went down by 1.63% day-on-day to RMB 844 per tonne, following a market selloff session. In the meantime, the steel rebar contract …
