Yeah, sign it's turning, IO & SR Future increased contract position and in flow capitals today, strong support at 520 yuan for IO, not moved even when SR dropped to 2987.
Spot prices most steel down today with little transactions. Billet hold onto the 30 yuan it gained on Saturday during the day, but need to wait and see the end of the day price. Spot Rebar down 30 yuan on the main Shanghai market.
Spot IO also down today, around 10 yuan for Seaborne included FMG. Chinese IO's in Tangshan down 30 yuan. So maybe IO tomorrow down US$1-$1.50?
Weather is still playing a part in South China.
More cities in China now followed Beijing and going to release more land to ease pressure on housing supply and hence house prices, I guess Steel won't be needed, it'll be build on plastic. Wait maybe not, plastic is down 3% at the Future today.
And BHP is up because of Elliott, not IO or Oil.
DYOR.
Frank.
Iron ore price, page-455
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Last
$26.78 |
Change
0.460(1.75%) |
Mkt cap ! $82.45B | |||
| Open | High | Low | Value | Volume |
| $26.79 | $26.79 | $26.44 | $104.0M | 3.898M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1000 | $26.71 |
Sellers (Offers)
| Price($) | Vol. | No. |
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| $26.79 | 25045 | 6 |
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| Last trade - 16.10pm 07/05/2024 (20 minute delay) ? |
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Last
$26.72 |
Change
0.460 ( 1.96 %) |
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| Open | High | Low | Volume | ||
| $26.76 | $26.79 | $26.44 | 573343 | ||
| Last updated 15.59pm 07/05/2024 ? | |||||
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