Iron ore futures rose for the second consecutive trading day, amid falling steel stocks and market anticipation of better restocking activities ahead. The futures of Dalian Commodity Exchange (DCE) for January delivery then inched up by 0.89% day-on-day or up RMB 6 to RMB 680/mt, during the day trading session on Friday. The rebar futures, …
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Iron Ore DCE May Daily Technical Review 30/12/21
Verdict – Short-term neutral. DCE iron ore May22 contract tested high during Asian morning session and however gave back major gains during the afternoon session. The daily trading volume today and yesterday created the lowest from the previous eight trading days. The candles also indicated current market has no trend in short-run. Hourly MACD weakened …
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Daily Virtual Steel Mill Report 30/12/21
Market Verdict on Iron Ore： • Neutral. Macro • China PM Li Keqiang held general political conference to delay some income tax incentives, equal to 1.1 trillion yuan of tax cut annually. • China proposed to increase the self-sufficiency by 35% in copper, 20% in aluminum. In addition, increase scrap ratio by 30% in steel …
Daily DCE Review 30/12/21
Iron ore futures rebounded from previous trading day losses, amid slowdown in steel demand and weak market outlook for the new year. The futures of Dalian Commodity Exchange (DCE) for January delivery then inched up by 0.98% day-on-day or up RMB 6.50 to RMB 669.50/mt, during the day trading session on Thursday. The rebar futures, …
Iron Ore DCE May Daily Technical Review 29/12/21
Verdict – Short-term neutral to bearish. DCE iron ore May22 contract corrected significantly during the day and recovered major loss during the last half hour. The previous support 673.0 became a major resistance, which used to be a neckline of a multiple tops area – a traditional bearish top reversal pattern in long-run. However an …
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Daily Virtual Steel Mill Report 29/12/21
Market Verdict on Iron Ore： • Neutral to bearish. Macro • China Ministry of Industrial Information Technology vice chairman indicated that they have complied an implementation plan on non-ferrous, construction materials and petrol-chemical industry. At the same time, the new built capacity will be controlled. • China central bank PBOC: China financial system was generally …
Daily DCE Review 28/12/21
Iron ore futures dipped in the morning session, due to market concerns over falling steel output that affected sentiments. The futures of Dalian Commodity Exchange (DCE) for January delivery then fell by 3.37% day-on-day or down RMB 23.50 to RMB 673.50/mt, during the day trading session on Tuesday. The rebar futures also went down by …
Iron Ore DCE May Daily Technical Review 27/12/21
Verdict – Short-term neutral to bearish. DCE iron ore May22 contract correct massively after creating the high since Oct 14th, indicating a divergence from current area. The upsending trend was almost broken after market went back to 684.0 area, however yet to confirm a breakdown on 672.0 – 676.0 area. Hourly slow stochastic KD created …
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Daily Virtual Steel Mill Report 24/12/21
Market Verdict on Iron Ore： • Neutral. Macro • The China Ministry of Ecological Environment squashed the rumors that enterprises shut down in a large area during the Beijing Winter Olympic Games. Iron Ore Key Indicators: • Platts62 $123.75, +1.15, MTD $110.47. Seaborne mainstream iron ore trades were weak as market was rather positive on …
Daily DCE Review 24/12/21
Iron ore futures rose further on falling steel stocks and market expectation of better restocking activities for the upcoming Spring festival. The futures of Dalian Commodity Exchange (DCE) for January delivery then went up by 3.93% day-on-day or up RMB 27 to RMB 713.50/mt, during the day trading session on Friday. The rebar futures also …