Market Verdict on Iron Ore： • Neutral. Macro • China September social financing increased 3.53 trillion yuan, est. 2.75 trillion yuan, last 2.43 trillion yuan. • IMF estimated global economy growth at 3.2%, unchanged from previous estimation at July. However IMF lowered the global growth rate to 2.7% from 2.9% in 2023. Iron …
Tag archives: iron ore
Iron Ore DCE January Daily Technical Review 11/10/22
Verdict – Short-term neutral. DCE iron ore January contract corrected massively and broke important support area from 728.0 -735.0 with increasing volume, which was bigger than last two trading days. The short-run intra-day support fell on 716.5- 717.0, however mid-run support on 700.0. Iron ore currently terminate the mid-run rebound, however maintain range bound from …
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Daily Virtual Steel Mill Report 11/10/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • Chicago Federal official Charles Evans indicated that extra supply-chain interactions were not an issue when the unemployment rate was around the same low level in 2019, with less inflationary impact. Evans believed that if this steeper-than-usual Phillips curve is generating much of the …
South African Kumba Iron Ore Delivery Distrupted On Rail Issue 11/10/22
S African Kumba iron ore volumes may fall on rail issue South African logistic utility Transnet’s force majeure declaration has disrupted shipments from UK-South African miner Anglo American’s Kumba iron ore operations in South Africa. Kumba received a notice of force majeure from Transnet on 7 October because of strike action by Transnet’s …
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Iron Ore DCE January Daily Technical Review 10/10/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract rebounded significantly after broke important resistance area from 731.0- 736.0 area. However the price was almost unchanged during the last three hours. Hourly CCI potentially head back from bullish territory to neutral area. Hourly slow stochastic KD was still approaching overbought area. The …
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Daily Virtual Steel Mill Report 10/10/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • Chinese September Caixin PMI 49.3, first time below boom and bust line after June. Caixin Manufacturing PMI down 1.4% at 48.1. Iron Ore Key Indicators: • Platts62 $95.80, unchanged, MTD $95.62. The trade activity in general eased off before and during golden …
Daily Virtual Steel Mill Report 30/09/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro： • Before Chinese Golden Weeks, many cities start signing major projects, with a total investment of 3163.9 billion yuan. • The number of new claims for unemployment benefits for the first time last week was 193,000, est. 215,000, last 213,000. The U.S. economy growth …
Iron Ore DCE January Daily Technical Review 29/9/22
Verdict – Short-term neutral. DCE iron ore January contract tested high an retreated in the afternoon, as expected neutral outlook in short-run. However intra-day volume grew, and the trade range was wider compared with last trading day. Hourly MACD narrower in bullish area. Technical signals were indicating a neutral sentiment in short-run. The …
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Daily Virtual Steel Mill Report 29/09/22
Market Verdict on Iron Ore： Neutral to bullish. Macro： National conference from CFXC(China Foreign Exchange Commission) mentioned to stablise foreign exchange market, prevent Chinese yuan from sharp rise or fall. Previously Japan started to release 3.6 trillion Yen to slow down the fast depreciating Yen. Iron Ore Key Indicators: Platts62 $99.60, +0.85, MTD …
Iron Ore DCE January Daily Technical Review 28/09/22
Verdict – Short-term neutral. DCE iron ore January contract corrected and the trend stepped back to a consolidation range from 700.0- 728.5. The trading volume became narrower over the past three days. Thus market entered a watch-and-see mode. Hourly CCI approached bearish territory. Hourly MACD became flat. Short-run neutral. The first support is …
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