The price range of grade-304 stainless steel cold-rolled (CR) sheets in Europe widened upward on Friday April 26, with some mills in the region successfully seeking higher prices but others seeming to be content with the prices achieved earlier in the month, market participants told Fastmarkets.A distributor explained that it has bought from higher-priced mills as well as lower-priced ones partly...Read More
JOHANNESBURG - South Africa's militant AMCU union said on Friday that it was complying with the country's labour laws, disputing a government notice which said it could be de-registered for breaking rules governing how unions should operate.The Association of Mineworkers and Construction Union (AMCU), one of the largest trade unions in South Africa's mining sector, has thousands of members at mine...Read More
This precious metals firm continues its exploration efforts at its South Pacific island asset. Lion One's Tuvatu Gold ProjectLion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX) started drilling at its Tuvatu project in Fiji, it announced in a news release. The drill campaign will "test shallow dipping lodes in the HT Corridor, a mineralized zone crosscutting the principal vein system of the Tuvatu res...Read More
Monthly European alloy surcharges for stainless steel products have increased for May due to the euro's weak position against the dollar, Fastmarkets heard on Friday April 26.The May surcharge for grade-304 cold-rolled (CR) stainless sheet has increased to ?,?1,410-1,450 ($1,571-1,616) per tonne, a gain of ?,?20-23 per tonne from April levels, according to data released by Outokumpu, Acerinox and...Read More
Consistent with the firm's strategy, this new asset is at or near a producing mine with a quality operator. Ely Gold Royalties Inc. (ELY:TSX.V; ELYGF:OTCQB) announced in a news release it agreed to acquire for CA$750,000, from a private person, all of the rights and interests to a 1% net smelter return (NSR) royalty on Coeur Mining's Lincoln Hill property. The transaction is expected to close on...Read More
Gregory Beischer, president and CEO of Millrock Resources, speaks with Maurice Jackson of Proven and Probable about the strategic investment his company just received. Maurice Jackson: Joining us today is Gregory Beischer, the president, CEO, and a director of Millrock Resources Inc. (MRO:TSX.V; MLRKF:OTCQX), a premier project generator. Mr. Beischer, welcome to the show. Gregory B.: Thanks very...Read More
China's leading stainless steel mills - Taiyuan Iron & Steel (Tisco), Tsingshan Group and Baosteel - have released their May tender prices for high-carbon ferro-chrome this week, which are 50 and 200 yuan ($7.40 and 29.70) per tonne lower month on month. Tisco announced its May tender price for high-carbon ferro-chrome at 6,900 yuan per tonne on Wednesday April 24, a drop of 50 yuan per tonne from...Read More
If the United States places import tariffs on cars produced in Germany it could trigger an economic slowdown in Germany, corporate audit director of Czech steel distributor Ferona, Jan Moravec, said at Eurometal's Regional Meeting in Central Europe held in Prague on April 25.One of the major risks to the German steel industry is the import tariffs in the United States, Moravec said.Tariffs on impo...Read More
As always, most analysts focus not on what they really should. After March FOMC meeting, everyone was talking about the more dovish dot-plot. But the Fed also announced that it will end the unwinding of its balance sheet in September. As these changes are revolutionary and may entail potentially huge consequences for the precious markets, we invite you to read our today’s article about the n...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 176,691139,29659,299154,403211,799390,393410,394 Change from Prior Reporting Period -6,52212,3568558,701-12,3333,034878 Traders 17490775752267184 Small Speculators LongShortOpen Interest 49,65529,654440,048 -3,567-1,411-533 non reportable positionsChange...Read More
Gold has failed to gain traction over the past couple months, normally a seasonally-strong time. That has really weighed on sentiment, leaving traders increasingly bearish. Gold investment demand has flagged dramatically with lofty stock markets spewing great euphoria. That's given gold-futures speculators the run of the market, where they have sold aggressively including extreme shortin...Read More
By: Avi GilburtI am not sure how much more I can add to what has been said over the last two weeks in the metals complex.At this point in time, it is quite clear that the metals are testing support. As specifically noted about silver, the 14.60 support region is what I want to see holding as support here. While I can accept a spike and reversal of that level, a sustained break of that level...Read More
It's like a breath of fresh air when the futures actually finish lower on the day. Granted, the S&P slippage on Thursday amounted to only a few measly points. Would it be churlish to hope it's the start of something really nasty? Bulls should be hoping for nothing less, since the broad averages, especially the Nasdaq, are desperately in need of a rest. Nitro-fueled by FAANG stocks, the Naz ha...Read More
By: Ira EpsteinSpecial Video in lieu of the daily metals update: Swinglines:Read More
US GDP numbers is overhyped today. Traders will take positions for next week's FOMC meet and host of US jobs numbers. There will be an Easter impact on US jobs. Global economy has a feel good situation. Once again it will be a technical trade today. Central bank buying has failed to lift gold. I am against going long in crude oil unless it breaks and trades over $67.20 till Mid May. Remain on th...Read More
Steel production has stopped at the Algerian steel mill of Turkish steelmaker Tosyali after a workers' strike began on Wednesday April 24, according to local newspaper reports. Tosyali could not be reached for comment at the time of publication. "Production at Tosyali has stopped, and in the past two or three days, we have seen increased Algerian interest for wire rod imports from Italy and Spain,...Read More
I am not sure how much more I can add to what has been said over the last two weeks in the metals complex.At this point in time, it is quite clear that the metals are testing support.As specifically noted about silver, the 14.60 support region is what I want to see holding as support here.While I can accept a spike and reversal of that level, a sustained break of that level opens the door to a 13...Read More
If the United States places import tariffs on cars produced in Germany it could trigger an economic slowdown in Germany, corporate audit director of Czech steel distributor Ferona, Jan Moravec, said at Eurometal's Regional Meeting in Central Europe held in Prague on April 25.One of the major risks to the German steel industry is the import tariffs in the United States, Moravec said.Tariffs on impo...Read More
The Nasdaq and S&P both closed higher for the day and weekStocks closed higher, with investors digesting gross domestic product (GDP) data that showed the U.S. economy grew 3.2% during the first quarter, well aboveforecasts. However, upside was contained following a batch of mixed corporate earnings reports, with an Intel (INTC) disappointment dragging on the Dow in early trading, while well-recei...Read More
Tata Steel aims to produce 32 million tonnes per year of crude steel at its Indian operations by 2025, the company said.The 2025 capacity target in India would constitute the entirety of the steelmakers' global crude capacity following the planned divestment of operations in Asia and a planned joint venture of European flat steel operations with Germany's ThyssenKrupp.Of the Indian steelmaker's cu...Read More