The Turkish domestic long steel markets have remained quiet over the past week amid sluggish summertime demand, sources told Fastmarkets on Thursday July 11.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was TRY3,100-3,130 ($542-547) per tonne on Thursday, widening upward slightly from last week's TRY3,100-3,120 per tonne.The...Read More
The price of steel billet imported into Egypt increased in the week to Thursday July 11 because of higher offers, despite the poor domestic demand."Offer prices are increasing but there are no bookings because of the uncertainty about safeguard duties," a local market source told Fastmarkets.In April, Egypt imposed a temporary additional duty on rebar and billet in response to increased import vol...Read More
Aim-listed BlueRock Diamonds, which owns and operates the Kareevlei diamond mine in the Kimberley region of South Africa, achieved record production of 3 516 ct in the second quarter, four times the 875 ct produced in the second quarter of last year.“I am very pleased with the impact that our new CEO at Kareevlei and his team have made,” BlueRock executive chairperson Mike Houston comm...Read More
Although rate cut expectations encouraged the London Metal Exchange three-month base metals prices to move higher yesterday, they have started to weaken in early trading today, Thursday July 11, and been unable to attract follow-through buying. In his prepared remarks, Federal Reserve Chairman Gerome Powell last night noted that uncertainties since the June FOMC meeting continued to dim outlook an...Read More
Seaborne iron ore prices fell on Thursday July 11, with demand weakening because of steel production restrictions in north China. Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $119.37 per tonne, down $1.59 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $119.29 per tonne, down $1.59 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines...Read More
Seaborne coking coal prices retreated on Thursday July 11, which left some participants in China surprised over the quantum of the decline, though they had no doubts about the direction of the market. A cargo of premium hard coking coal was heard to have been traded at $186 per tonne cfr China, down $5 per tonne compared with a transaction involving the same brand earlier this week."I am not sure...Read More
U.S. equity index futures moved higher this morning. S&P 500 futures were up 4 points in pre-opening trade.Index futures slipped following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was 222, 000 versus 222,000 last week. Actual was 209,000. Consensus for the June Consumer Price Index was unchanged versus a gain of 0.1% in May. Actual was an increase of 0.3%. E...Read More
Bloomberg captures the mood on Wall Street:“Traders Take Fed Message as License to Buy Everything.”Jerome Powell had his telegraph out yesterday… and wired a message of approaching rate cuts.Federal funds futures give the odds of a July rate cut at 100%.They further indicate three are likely by January.And like sugar-mad 8-year olds amok in a candy store... traders are out for ev...Read More
A lot of Americans diligently save up for retirement, but it doesn't occur to most to plan for home renovations in their later years. It can be hard to picture yourself having trouble with stairs, using a walker or wheelchair or needing assistive devices in the shower. But three quarters of Americans aged 50 and over say they want to remain in their homes as they age, according to a survey by AARP...Read More
Jerome Powell chummed the seawater this morning. And the voracious sharks rose to the bait… In written testimony to Congress, Mr. Powell informed us that:Crosscurrents have reemerged. Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened. Since [the Fed meeting in June], based on incoming data and other developments, it appears that unce...Read More
"You are a traitor, go back to Great Britain!"This weekend's reckoning, "Was the American Revolution a Mistake?" argued that the American colonies in 1775 were perhaps the freest society on Earth.The subsequent revolution raised the curtain on a ruinous inflation, the article continued. And that the American tax burden tripled after 1783.Never again did the American people regain their prerevoluti...Read More
Trading activity in eastern China's hot-rolled coil market rose to moderate levels on Thursday July 11 after sellers cut prices.DomesticEastern China (Shanghai): 3,860-3,880 yuan ($561-564) per tonne, down 20-30 yuan per tonneNorthern China (Tianjin): 3,830-3,840 yuan per tonne, unchangedTrading in Shanghai was robust in the morning when traders set prices at 3,860-3,870 yuan per tonne.But once pr...Read More
China's rebar prices held steady on Thursday July 11 amid a drop in both supply and demand.Domestic Eastern China (Shanghai): 3,980-4,000 yuan ($578-581) per tonne, unchangedNorthern China (Beijing): 3,880-3,910 yuan per tonne, unchangedA total of 3.76 million tonnes of rebar were produced during the week to Thursday, down 21,000 tonnes from the preceding week, according to a local industry inform...Read More
Chinese stainless steelmaker Tsingshan Holding Group has completed the construction of its 600,000-tonnes-per-year cold-rolling mill in India and is currently putting it through its final stage of testing.The steelmaker has plans for another two phases of expansion for the mill, which...Read More
Domestic stainless steel prices in China moved down slightly over the past week amid low buying interest. Fastmarkets' price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country's major market of Wuxi was 14,100-14,500 yuan ($2,049-2,107) per tonne including value-added tax for the week ended Wednesday July 10, down 100 yuan per tonne from a week earl...Read More
Greenland shines brightly in the rare earth spotlightSPONSOREDgreenland mineralsBlack Rock readies for race to graphite productionSPONSOREDblack rock miningE25 powering towards Butcherbird PFSSPONSOREDelement 25'When top miners commit to an aspiration, that does trickle down'SPONSOREDdeloitteThe potential nomination to the US Federal Reserve board of European Bank for Reconstruction and De...Read More
Marathon Gold (TSX: MOZ) is on track to release a new resource estimate in September for its Leprechaun deposit in the company's Valentine Gold camp in Newfoundland and Labrador.The latest drilling has expanded the high-grade area within Leprechaun's Main Zone corridor to a strike length over 480 meters with a width of 30 to 100 metres and extending to a depth of 350 metres.Leprechaun is one of fo...Read More
Infill and exploration drilling in the Western Flanks Zone of the Beta Hunt gold mine in Western Australia has boosted measured and indicated resources five-fold and inferred resources three-fold, RNC Minerals (TSX:RNX) reports.The updated resource for the Western Flanks Zone incorporated 16,876 metres of new infill and exploration drilling in 144 holes since the previous resource estimate in Dece...Read More
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