Ferrous scrap export prices for shipments from the United States to Turkey have held above $340 per tonne cfr, but East Coast exporters were seen holding the line on dock buying prices despite gains in the export and domestic markets.Two cargoes were sold from the US to Turkey over the past seven days.An East Coast cargo reported on Thursday November 1 concluded up $7 per tonne compared with the p...Read More
Turkish steel producers continued their deep-sea scrap purchases on Wednesday November 7, with prices remaining largely stable, according to market sources.A steel mill in the Iskenderun region booked a European cargo, comprising 15,000 tonnes of HMS 1&2 (75:25) at $330 per tonne, 3,000 tonnes of shredded at $340 per tonne and 7,000 tonnes of bonus at $345 per tonne cfr.Another steel producer in t...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials.Latest transaction: iron oreIron oreVale, tender, 176,924 tonnes of 62.29% Fe Standard Sinter Feed Guaiba, traded at the December average of the MB 62%...Read More
"Don't vote," argues political satirist P.J. O'Rourke - "it only encourages the bastards."On this Election Day, here we have a timely, if controversial proposal.It is a heresy upon the civic religion… and a slander against all crusaders who fought for the franchise through American history.Yet The Daily Reckoning blesses this undemocratic blasphemy with a wry, seditious wink.And, if we may s...Read More
Iron ore prices weakened on Wednesday November 7 amid steel market falls, while supply issues in Australia supported premiums for index-linked cargoes.MB 62% Fe Iron Ore Index: $75.27 per tonne cfr Qingdao, down $0.47 per tonne.MB 62% Fe Pilbara Blend Fines Index: $74.30 per tonne cfr Qingdao, down $0.47 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $78.38 per tonne cfr Qingdao, down $0.92 per t...Read More
Trading activity in the seaborne coking coal market was muted on Wednesday November 7, with participants awaiting a firmer direction to emerge."We have not heard of any aggressive bids in recent days and it seems $220-222 per tonne cfr China for premium low-vol materials is the ceiling," a trader source said.The source added that the presence of opposing factors - robust domestic coking coal price...Read More
Good morning and welcome to post-election America!With all of the hype and drama leading up to yesterday’s midterm election, you might think that the sun wasn’t going to come up this morning...But despite the dire warnings from both sides of the aisle, life continues. And for most of us, it’s simply “business as usual” this morning.But what should we expect as investo...Read More
QUESTION: Mr. Armstrong; I really encountered an insane goldbug who claimed you were paid off by the gold cartel to keep the price down. These people cannot open their eyes and see anything but gold or bitcoin. Then they argue the age of knowledge and bitcoin will become the new reserve currency. You really have to wonder if these people are on drugs. Will you be doing a gold report soon? Is...Read More
Jared Kushner paid no federal income tax for years. A couple weeks ago, New York Times reported that Jared Kushner "paid little or no income tax from 2009 to 2016."Gasp!President Trump's son-in-law and his family company have spent billions of dollars buying real estate. His net worth is reported to be almost $324 million. But yet, they have paid almost no federal income taxes."In 2015, for exampl...Read More
Japanese ferrous scrap export prices are leading the downtrend in regional scrap values so far this week.A major regional buyer was bidding for Japanese H2 scrap exports at ?34,000 ($300) per tonne as of Wednesday November 7, while sellers were offering similar materials at ?35,000 per tonne."Japanese H2 prices are coming off and should reach a bottom soon," a Japanese trader told Fastmarkets MB...Read More
If I had to choose between having my debit card declined at the grocery store or seeing an overdraft fee come up on my online statement - I'd take the embarrassment over the fee any day.Here's why…The average overdraft protection fee in the US is $34. Although it doesn't sound like much, it typically happens on transactions $24 or less.What's worse, the Consumer Financial Protection Bureau (...Read More
SHANGHAI - China's exports of alumina last month were roughly equal to September's bumper volumes, the president of Aluminum Corp of China Ltd, said on Wednesday."I estimate that October was more or less the same as September," Lu Dongliang told Reuters on the sidelines of a signing ceremony at the China International Import Expo in Shanghai. The Chinese company, also known as Chalco, is one of th...Read More
Base metals on the London Metal Exchange pushed higher during morning trading on Wednesday November 7, supported by a strong bounce in global equity markets, while the US dollar index lost ground after gains by the Democrats in the US midterm elections. Overnight, US midterm election results indicated a majority win for the Democrats in the House of Representatives, with US president Trump's admin...Read More
China's domestic rebar market maintained its downward trend on Wednesday November 7 with sellers stepping up their efforts to destock.Domestic Eastern China (Shanghai): 4,500-4,550 yuan ($650-657) per tonne, down 90 yuan per tonneNorthern China (Beijing): 4,380-4,420 yuan per tonne, down 40 yuan per tonneSellers were actively destocking during the day on the weak futures market and their bearish o...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Wednesday November 7*Copper -$156.22 (-1,085.48 yuan) Aluminium -$426.97 (-2,966.72 yuan) Zinc $41.58 (288.94 yuan) Nickel $358.95 (2,494.11 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
China's hot-rolled coil prices fell further on Tuesday November 6 after sentiment was dampened by Tangshan's smaller-than-expected production cuts. DomesticEastern China (Shanghai): 4,000-4,010 yuan ($578-579) per tonne, down 20-30 yuan per tonneNorthern China (Tianjin): 3,990-4,000 yuan per tonne, down 10 yuan per tonneShanghai's HRC prices have fallen for a 12th day, with sentiment in the market...Read More
News that Glencore's Katanga Mining will suspend exports and sales of cobalt from Kamoto in the Democratic Republic of Congo (DRC) has lent some optimism to 2019 contract negotiations taking place this week at an industry event in Xiamen, China. Sales and exports of material from the DRC mine were halted after it was found that uranium levels in hydroxide produced at Katanga exceeded the limit for...Read More
The latest metal markets news and price moves to start the North American day on Wednesday November 7.Base metals on the London Metal Exchange pushed higher during morning trading, supported by a strong bounce in global equity markets, while the US dollar index lost ground after gains by the Democrats in the US midterm...Read More
Long-term contracts for cobalt hydroxide supply in 2019 have been heavily weighted toward lower payables year on year, with discussions centered around increasing availability of intermediates. But the extent of the likely hydroxide surplus' impact on next year's metal market is less clear. Since last year's mating season, Glencore has announced the restart of production at Katanga in the Dem...Read More
DR Congo: Is government intervention the real risk to watch?SPONSOREDverisk maplecroftBezant's Mankayan back in copper-gold spotlightSPONSOREDbezant resourcesKyzyl ramp-up signals new growth path at buoyant PolymetalSPONSOREDpolymetal internationalGolden Mile has the right stuff: ReynoldsSPONSOREDgolden mile resourcesThere was once a time when I was immortal. In my 20s, I was fit. Rugby t...Read More