Markets were badly shaken this morning as news of China's planned tariffs on $60 billion worth of U.S. goods hit the wire. I emailed Boom & Bust subscribers earlier with anContinue...Read More
Brazilian miner Vale is considering whether to increase the production capacity at its Caraj??s Serra Sul iron-ore complex over the next decade to 150 million tonnes per year from 90 million tpy currently, the company said in a presentation on Tuesday May 14.The goals of the project include working more with dry processing, improving the operational and logistic flexibility of premium products and...Read More
The Turkish steel producers went quiet again in the scrap import markets on Tuesday May 14 due to the continuing low demand for finished long steel in the export and domestic markets.A steel producer in the Izmir region booked a Baltic Sea cargo on Monday, comprising 10,000 tonnes of HMS 1&2 (80:20) at $286 per tonne, 12,000 tonnes of shredded at $291 per tonne and 3,000 tonnes of bonus at $296...Read More
Bob Moriarty of 321 Gold profiles a company with a Nevada project that is expected to begin production by the end of the year. Copper tubes.I've written about Nevada Copper Corp. (NCU:TSX; NEVDF:OTC) in the past. The world has only a ten-day supply of copper on hand and that all by itself should move the price of both copper and Nevada Copper higher. Alas, in the short term the price of copper ha...Read More
Investment professionals around the world are cheering the go-ahead decision for the Juanicipio silver and gold mine in the Fresnillo Silver Trend district in central Mexico. MAG's Juanicipio JV ProjectIn April, Fresnillo Plc (FRES:LSE) and MAG Silver Corp. (MAG:TSX; MAG:NYSE.MKT) jointly announced that both boards approved the Juanicipio project and construction work is expected to be completed...Read More
Domestic and import prices for rebar have remained stable in the United Arab Emirates over the past week, but the import price for steel billet has increased by $3 per tonne, sources told Fastmarkets on Tuesday May 14.Domestic rebarLocal rebar producers in the UAE kept their prices unchanged for May production material, with demand subdued by the start of the Islamic holy month of Ramadan this wee...Read More
Sentiment in China's spot rebar market worsened on Tuesday May 14 after China responded to the United States' tariff increase with one of its own, resulting in buyers cutting their procurement rates.Domestic Eastern China (Shanghai): 3,990-4,040 yuan ($581-588) per tonne, down 40-50 yuan per tonneNorthern China (Beijing): 3,910-3,960 yuan per tonne, unchangedChina will raise its tariffs on over 5,...Read More
China will impose tariffs of up to 25% on carbon and stainless steel imports from the United States beginning in June amid escalating trade tensions between the two countries.These form part of $60 billion worth of US products that China imports. The bulk of the steel products listed by China's Ministry of Finance face the heftiest tariffs of 20-25% from June 1. These include billet, hot-rolled co...Read More
The Chinese domestic ferro-silicon price fell again in the week ended Friday May 10 under the weight of plentiful supplies and weaker monthly tender prices, while the European market was steady for the second consecutive week, although downward pressure looms ahead of the traditionally slower summer months. Chinese market buckles under weight of supply but support seen in upstream prices Eur...Read More
A round of Trump tweets helped the Dow bounce more than 200 pointsThe Dow surged over 200 pointstoday, as some anxieties over the U.S.-China trade war were assuaged by a round of President Donald Trump tweets. Notably, he said the two countries still "have a dialogue going," and that a trade deal "[will] happen, and much faster than people think!" Gains from trade-sensitive stocks like Caterpilla...Read More
The retail sector has been labeled a major potential loser in the tariff warFootwear was one of the categories included in the Trump administration's latest list of tariffs on imports from China. Fears around the outlook for the sector has resulted in bearish analyst attention for Skechers USA Inc (NYSE:SKX) and Steven Madden, Ltd. (NASDAQ:SHOO). Let's take a quick look at the analyst notes on SKX...Read More
The German automaker is planning a summer IPO for its truck unitNavistar International Corp (NYSE:NAV) stock is booming today, after Volkswagen announced initial public offering (IPO) plans for its Traton truck unit. The German automaker said it plans to price the shares this summer, and the IPO is expected to be Germany's biggest this year. The shares of NAV -- which owns a 16.85% stake in Traton...Read More
Jefferies is selling FIZZ stock ahead of earningsPut volume is running hot on National Beverage Corp. (NASDAQ:FIZZ), as the stock sells off on a bearish brokerage note. At last check, 1,452 puts were on the tape -- 34 times what's typically seen at this point in the day, and volume pacing in the 99th annual percentile -- compared to just 107 calls.Diving deeper reveals not all of the day's put vol...Read More
Plus, Disney will take full control of HuluStocks are moving sharply higher this afternoon, attempting a rebound while keeping an eye on the latest tweets from President Donald Trump. Three names maintaining investor focus today are drug concern Solid Biosciences Inc (NASDAQ:SLDB), blue chip Walt Disney Co (NYSE:DIS), and clothing giant G-III Apparel Group, Ltd. (NASDAQ:GIII). Below, we will dive...Read More
A wave of bull notes could bring more buyers to the tableThe shares of advertising giant Omnicom Group Inc. (NYSE:OMC) seem to be in the midst of a breakout, sporting a solid 8.6% year-to-date lead. The stock's current perch on the charts looks promising as it finds support from the $78 level, a previous level of resistance and site of an earnings bull gap from April.Wall Street is certainly not p...Read More
Italian re-roller Marcegaglia has announced a price increase of ?,?20-30 per tonne to its hollow sections, coil and plate product, effective immediately, the company told Fastmarkets at the Made in Steel trade fair in Milan, Italy on Tuesday May 14. Although market sources have not confirmed the price increase, some market participants said they believed that more steelmakers will attempt to raise...Read More
By: Dave KranzlerThe price of gold soared over $13 Monday as flight-to-safety money flowed into the precious metals sector while the stock market went into a downward spiral. I see Monday's market action as a preview of what's in store going forward as price discovery once again engulfs the stock market and causes the most extreme stock bubble in U.S. history to deflate.Despite the fact that it...Read More
By: Ira EpsteinGold's move yesterday really kicked it up into a new trend? Gold's strange chart:Read More
Chair Powell claims that subdued inflation is caused by transitory factors. Does the recent data confirms his views? And just how transitory is the new tariff rate on $200bn Chinese imports? Will we see a creep higher in inflation about to lift the gold prices?CPI Edges UpAt the post-FOMC press conference in May, Jerome Powell said that some transitory factors could be responsible for muted inflat...Read More
The index has done this just a dozen times since 2010China on Monday retaliated against increased U.S. tariffs, sending the major stock market indexes to their worst session in months. In fact, the S&P 500 Index (SPX) dropped more than 2% for the first time since early January. The last time the SPX fell more than 2% for the first time in at least three months was Oct. 10, at the start of the four...Read More