Chinese futures rose higher on Tuesday, buoyed by higher steel production in China from strong domestic construction demand. The most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, which increased by 1.03% day-on-day to RMB 781 per tonne on Tuesday. However, the steel rebar contract on the Shanghai Futures Exchange, …
Tag archives: IO62
Iron Ore Offshore July 20 Morning Technical Comment – 240 Min Chart
FIS Ferrous Weekly Report 16/06/2020
Iron ore futures fall as China steel demand slows, virus cases rise
Iron ore futures fell sharply on Monday on concerns over China’s recovery. Data released on Monday showed China churned out a record of 92.27 million tonnes of steel. According to SteelHome data, iron ore port inventories fell to 107.75 million tonnes last week, the lowest since October 2016. While the decline in port inventories …
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DCE flats on lower steel demand and rising shipments
Chinese futures stayed virtually flat with gains at the morning session being offset by selloff in the afternoon session. Thus, the most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, was flat at RMB 762.50 per tonne on Monday. The steel rebar contract on the Shanghai Futures Exchange, followed the …
Continue reading “DCE flats on lower steel demand and rising shipments”
Iron Ore Offshore July 20 Morning Technical Comment – 240 Min Chart
Iron Ore—RSI Divergence in Play
Iron Ore DCE September Daily Technical Review Jun 15th(Hourly Chart from May 18th to Jun 15th)
Verdict – Short-term neutral to bearish. DCE iron ore corrected after Friday push to five day high. The test low was supported by 756.5. 753.0 area from hourly chart supported price reversal twice over last week. A breakdown on 746.5- 753.0 area will drive iron ore price to test 20 day moving average. The breakdown …
FIS Daily Physical Review Jun 15th
Iron Ore and Steel Market Updates – Steelbank: construction steel inventories 6.95 million tonnes, down 1.87% w-o-w. HRC inventories 1.99 million tonnes, down 4.71% w-o-w. – China Statistic Bureau: crude steel output in May rose 4.2% y-o-y. Jan-May steel output rose 1.9% y-o-y. Pig iron output in May rose 2.4% y-o-y. Jan-May pig iron rose …
DCE rallies on record-low port inventory
Chinese futures closed the week on positive note after a rally at afternoon session as China’s port inventory dropped to the lowest level in four years. Thus, the most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, rose by 1.90% day-on-day to RMB 777 per tonne on Friday. The steel …