FIS API Blog
Verdict – Short-term neutral. DCE iron ore Jan contract volatility increased and the high low range expanded compared to last Friday. A rejection on 850.0 would stuck iron ore in 819.5-850.0 in short-run. However a breakthrough on 850.0 would potentially trigger a new round of rebound. Hourly MACD potentially create a gold cross. Technical signals …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 16th”
Ferrous Market – Steelbank: construction steel inventory 4.49 million tonnes, down 12.91% w-o-w. HRC inventory 1.67 million tonnes, down 14.44% w-o-w. – China October crude steel production 92.2 million tonnes, up 12.7 y-o-y. Jan – Oct crude steel production 873.93 million tonnes, up 5.5% y-o-y. – China Ministry of Industrial and Information Technology researcher indicated …
Verdict – Short-term neutral. DCE iron ore ticked high and long covering to take gains during afternoon session with significantly increasing volume compared to Asian morning session. From hourly chart, MACD created dead cross. Slow stochastic created dead cross below overbought area. CCI created the lowest in November. Short-run technicals are indicating an exhaustion of …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 12th”
Ferrous Market – China September and October steel export orders increase, which could result in the export volume increase in following months of the year. – Tangshan researched 10 sample steel mills profit at 401 yuan/tonne, up 99 yuan/tonne w-o-w. – MySteel Rebar Inventory: Rebar production 3.64 million tonnes, up 1.18% w-o-w. Mills inventory 2.47 …
Verdict – Short-term neutral to bullish, be aware of market reversal. DCE iron ore rebounded gentlely during the day. However most of the push was contributed by some block trades during 14:00 – 14:01 p.m. In addition ferrous sector is also supported by coking coal spike. Hourly MACD and CCI are both flatenning. Short-run technicals …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 11th”
Ferrous Market – China steel mills are planning to invest in south-east countries, equal to 54 million tonnes of steel capacity. – Ganggu Construction Steel Inventory: production 5.26 million tonnes, down 55,400 tonnes w-o-w. Mills inventory 3.55 million tonnes, down 274,600 tonnes w-o-w. Circulation inventory 7.93 million tonnes, up 731,300 tonnes w-o-w. – Many steel …
Iron ore – The arrival of iron ore is coming off during last week by 7% w-o-w at 23.82 million tonnes, from mysteel statistics. However this gap is expected to fill up in this week about similar amount. Port stock tendency is still increase since low evacuation plus congestion ships entered port areas. – The …
Verdict – Short-term neutral. DCE iron ore gave back some gains after the spike on last hour of Friday night and first 10 minutes of the day session. At the same time, volume return to normal level as well. The market entered a neutral to bullish range however a confirm of breakthrough on 827.0-834.0 would …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 9th”
Ferrous Market – Steelbank: China contruction steel inventory 6.73 million tonnes, down 11.18% w-o-w. HRC 2.38 million tonnes, down 6.8% w-o-w. – MySteel researched Tangshan 10 sample steel mills profit 332 yuan/tonnes, up 67 yuan w-o-w. Billet cost after tax down 7 yuan w-o-w. – China Jan-Oct iron ore import at 975 million tonnes, up …
Verdict – Short-term neutral. DCE iron ore consolidate in narrow range for the third trading day during the week. Trading volume down 32% from yesterday. Short-run correction needs to breakdown 772.5. At the same time, a rebound needs a breakthrough with volume on 805.5 level. Hourly slow stochastic is potential to create dead cross below …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 6th”