Daily Virtual Steel Mill Report 26/04/24

Verdict: • Short-run Neutral.   Macro: • According to data released by the US Department of Commerce, the US real gross domestic product (GDP) grew at an annual rate of 1.6% in the first quarter of this year, which is significantly narrower than the 3.4% growth rate in the fourth quarter of last year, est. …

Daily Virtual Steel Mill Report 25/04/24

Verdict: • Short-run Neutral.   Macro: • DCE: From trading on April 26th, non-futures company members or customers were not allowed to open more than 500 lots per day on May24 and Sep24 contracts. For other contracts, less than 2000 lots per day. • Anglo American Q1 iron ore production at 15.14 million tons, up …

Iron Ore DCE Sep24 Daily Technical Review 23/04/24

Verdict- Neutral to Bearish. DCE Sep24 consolidated during most time of trading day, however tanked during last half hour. Although the low was supported by 847.0, iron ore potentially break this level in next session. Hourly MACD widened in bearish territory. Houry CCI reached bearish territory. The market entered bearish-run in short-term. First support 800.0. …

Daily Virtual Steel Mill Report 23/04/24

Verdict: • Short-run Neutral.   Macro: • China April loan prime rate for 1-year length at 3.45%, unchanged from March. 5-year length loan prime rate at 3.95% unchanged from March.   Iron Ore Key Indicators: •Platts62 $116.85, -0.65, MTD $108.38. •During past week, Australia and Brazil total shipped 24.56 million tons, up 5.365 million tons …

Iron Ore DCE Sep24 Daily Technical Review 22/04/24

Verdict- Neutral. DCE Sep24 corrected slightly during the trading day. Lack of new buyers in market led to loss on position on sustainability of the trend finally as we expected last week. Hourly MACD widened in bearish territory. Hourly KD created gold cross in oversold area. The short-run signals were indicating a potential to test …

Daily Virtual Steel Mill Report 22/04/24

Verdict: • Short-run Neutral.   Macro: • The ECB regulator stated that the probability of 25bps or less interest cut in 2024 should be very low. It is currently difficult to predict the time of interest cut. The interest rate spread between the European Central Bank and the Federal Reserve may widen in future.   …

Daily Virtual Steel Mill Report 19/04/24

Verdict: • Short-run Neutral.   Macro: • US White House announced plans to implement new restrictions on Chinese steel and aluminum products, including raising the 301 tariff on Chinese steel and aluminum products to three times the current level. • US jobless claims last week reached 212,000, est. 215,000, last 211,000.   Iron Ore Key …