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Verdict – Short-term neutral. DCE iron ore kept rebounding from afternoon session on Oct 19th . From hourly chart, CCI is approaching 2 weeks high from six day low. MACD is also slightly picking up above 0 axis. A rejection on 809.0 area would indicate iron ore return to bearish territory. A breakthrough on this …
Continue reading “Iron Ore DCE January Daily Technical Review Oct 21st”
Ferrous Market – Australia port maintenance estimate cause iron ore decrease on delivery arround 2.17 million tonnes. Brazil maintenance impact 507,000 tonnes. However Australia and Brazil delivery to China proportion both increased, Australia and Brazil iron ore delivery also approaching 4 month high. – Port stock increase enables steel mills have more alternative …
Money Movement. According to China commodity exchange statistics, agricultural sector money inflow increased 14.99% in the days before Golden Week. The industrial sector increased 23.99%, the petrochemical sector contributed most, up 38.3%. The ferrous sector was up 16.88% over the same period, underperforming other industrial sectors including non-ferrous. Within the ferrous sector, iron ore money …
Continue reading “FIS Weekly Ferrous Report: Iron ore in a short-run bearish trend”
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Verdict – Short-term bearish. DCE iron ore tested high below 809.0 on Friday night session, however corrected deeply during Monday. From hourly chart, the rejection around 809.0 area indicated iron ore shift back to bearish territory. Iron ore potentially test 751.5, which was a three month low level. CCI rebounded from the lowest level last …
Continue reading “Iron Ore DCE January Daily Technical Review Oct 19th”
Ferrous Market – Steelbank Inventory: construction steel inventories 6.73 million tonnes, down 7.94% w-o-w. HRC 6.38 million tonnes, down 4.83%. – World Steel Association: 2o2o Global steel demand down 2.4% y-o-y to 1.725 billion tonnes. Year 2021 steel demand recovered to 1.795 billion tonnes, up 4.1% estimated. – MySteel 45 ports iron ore inventories at …
Verdict – Short-term neutral. DCE iron ore exhausted on previous correction and created a doji during the day. However the previous support removed from 783.5 to 776.5, iron ore still created lower lows and lower highs. From hourly chart, slow stochastic KD created gold cross and widened. MACD is narrowing and potentially create gold cross. …
Continue reading “Iron Ore DCE January Daily Technical Review Oct 16th”
Ferrous Market – Mysteel researched 247 blast furnace operation rate at 88.41%, down 0.78% w-o-w. Utilisation rate 92.91%, down 0.30% w-o-w. Daily pig iron production 2.47 million tonnes, up 8,000 tonnes. – MySteel 45 ports iron ore inventories at 122.39 million tonnes, up 1.78 million tonnes w-o-w. Daily evacuation 3.12 million tonnes, down 58,500 tonnes …
Verdict – Short-term bearish. DCE iron ore keep correction for the fourth trading day and the intra-day low tested the first support level at 783.5 observed from last week. A breakdown on this level would trigger a new round of correction towards 751.5, and restart bearish tunnel in mid-run. From hourly chart, slow stochastic correcting …
Continue reading “Iron Ore DCE January Daily Technical Review 15/10/20”
Ferrous Market – Canada miner Black Iron signed a 60 million dollar contract including a project with 646 million tonnes of iron ores. – Indian Miner Industrial Organisation FIMI indicated India needs 165 million tonnes of iron ore. FIMI also indicated potentially impose export tariff on 58% grade of iron ore. – MySteel Rebar Inventory: …