Market Verdict on Iron Ore： • Neutral. Macro： • MySteel estimated that China manufacturing orders potentially recover, while the cash flow expected to improve. Mysteel estimated the investment of manufacturing would increase by 6%. • Robert Holzmann, the ECB’s governing committee, told the German Business Daily that the ECB should raise interest rates by …
Tag archives: IO62
Iron Ore DCE May23 Daily Technical Review 06/03/22
Verdict – Short-term neutral. DCE iron ore May23 contract dumped by Asian morning opening, however recovered partial loss by closing. From hourly chart, MACD moved from bullish territory to bearish range. CCI however, moved back from bearish territory in the afternoon session. Iron ore needs to test important resistance at 900.0 again. The first support …
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Daily Virtual Steel Mill Report 06/03/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro： • China government work report set 5% as economy growth target in 2023 and 3% as fiscal deficit rate, which were both considered conservative from the market. The market was also focusing on the new governors lists and reform programs on institutions. Iron …
Iron Ore DCE May23 Daily Technical Review 02/03/22
Verdict – Short-term neutral. DCE iron ore May23 contract inched up, however seeing exhaustion. Hourly MACD moved flat in bullish territory. Hourly slow stochastic KD entered overbought area. A breakthrough on 922.0 would bring iron ore back to bullish trend. Otherwise, iron ore potentially consolidate in current range from 883.0 – 922.0. The first support …
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Daily Virtual Steel Mill Report 02/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • After implementing the quantitative easing policy for nearly 10 years, the European Central Bank has accumulated 5 trillion euros (about $5.31 trillion) of bonds. At present, the ECB will begin to remove these bonds from its balance sheet at an average rate of 15 billion …
Iron Ore DCE May23 Daily Technical Review 01/03/22
Verdict – Short-term neutral. DCE iron ore May23 contract created significant rebound during the day. However gave back some gains during last hour. Hourly MACD created gold cross. Hourly CCI entered bullish territory. In short-run iron ore test the resistance from last high at 922.0. The first support is 873.0. The first resistance is 922.0 …
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Daily Virtual Steel Mill Report 01/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • China “Two Sessions” political conference would open soon. The market was focusing on the government report, including economy target, investment confidence, market risk, jobs. • ECB economist believed that the Eurozone inflation risk started to ease, however the EBC would not end the rate hike …
Iron Ore DCE May23 Daily Technical Review 28/02/22
Verdict – Short-term neutral. DCE iron ore May23 contract stablised from 880.0 – 883.0 area. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD created gold cross in oversold area. Hourly CCI recovered from bearish territory to neutral area. Hourly technical indicated that iron ore regained support and potentially to test hour-level high in …
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Iron Ore DCE May23 Daily Technical Review 27/02/22
Verdict – Short-term neutral bearish. DCE iron ore May23 contract broke important support at 900.0. Hourly MACD widened in bearish area. Hourly slow stochastic KD reached oversold area after created several dead cross. Hourly CCI located in bearish territory. Hourly candles created a significant reversal pattern, which indicated the contract potential testing low in next …
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Daily Virtual Steel Mill Report 27/02/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro： • CNH and CNY depreciated to 6.98 and 6.96 respectively, both refreshed new highs in 2023. • U.S. January PCE up 0.6% on the year, refreshed the biggest increase since August 2022, est. 0.4%, last 0.3%. Iron Ore Key Indicators: • Platts62 $126.65, …