Fastmarkets has changed the frequency of publication of its Japan and South Korea high-carbon ferro-chrome price assessments from weekly to fortnightly, effective Thursday July 18.Following a one-month consultation, both the ferro-chrome high-carbon 57-65% Cr, cif dup Japan and ferro-chrome high-carbon 57-65% Cr, cif dup South Korea prices will be assessed and published every other Thursday. The m...Read More
Turkey's Kar Madencilik has started producing primary pure magnesium metal (grade min 99.95%) at a smelter rented from Esan Eczacibasi, now called Kar Magnesium Smelter. Kar Madencilik entered an agreement to rent the smelter in February 2018 for a period of 10 years. The smelter, covering a 30,000 square meter closed area and consisting of seven different units, stopped production at the end of 2...Read More
Key data from the Wednesday July 17 pricing session in Shanghai.Key driversThe price of cobalt metal in China stabilized this week amid rising spot buying interest following a wave of speculative buying on the Wuxi Stainless Steel Exchange in the week ended July 12. The price of cobalt metal in China's domestic market fell to a multi-year low,...Read More
The Turkish steel mills have broken their recent silence in the deep-sea scrap markets and have accepted higher prices, sources said on Thursday July 18.Despite the falling prices for finished and semi-finished long steel, the Turkish mills agreed to pay higher prices for scrap because of their requirements for August-shipment cargoes.A steel mill in the Marmara region booked a Baltic Sea cargo la...Read More
* GRAPHIC-2019 asset returns: (Adds Zambia copper output, updates prices)By Eric OnstadLONDON, July 18 (Reuters) - Nickel prices charged to a newone-year peak on Thursday as more speculators piled in,prompting jitters among some investors that the rally hadentered bubble territory.Nickel - used to make stainless steel and batteries forelectric vehicles - has surged by nearly a quarter since July 2...Read More
The Thursday Market Minute Global stocks slide as U.S. earnings weakness, as well as a notable slump in Japanese exports, signals further concern for the near-term fate of the world economy.Netflix posted its first dip in U.S. subscribers in 8 years last night, as well as a big miss in global customer additions, proving a poor start to second quarter FAANG earnings and rattling the tech sector.U...Read More
Misplaced optimism seems to be driving gains in the London Metal Exchange's three-month nickel price, especially amidst weak global economic growth and ongoing trade tensions between the United States and China; granted there is growing concern over nickel supply from Indonesia but this remains a long-term play.Fresh global economic jitters, escalating US-China trade tensions negatively affect equ...Read More
CRANBROOK, BRITISH COLUMBIA - Greg Rickford, Ontario Minister of Energy, Northern Development and Mines, Bronwyn Eyre, Saskatchewan Minister of Energy and Resources, and Sonya Savage, Alberta Minister of Energy, released the following joint statement today following the 2019 Energy and Mines Ministers' Conference:"We wish to thank the Government of British Columbia for hosting this year's Energy a...Read More
Key data from the Wednesday July 17 pricing session in Shanghai.Key driversThe price of cobalt metal in China stabilized this week amid rising spot buying interest following a wave of speculative buying on the Wuxi Stainless Steel Exchange in the week ended July 12. The price of cobalt metal in China's domestic market fell to a multi-year low,...Read More
We're so f***ked!This was the title of an article I wrote last week about the death of the dollar.In that article, I made the argument that, thanks to the continued weaponization of the U.S. dollar, countries around the world are now conspiring to replace the U.S. dollar as the default medium of exchange with something else.This plus the rapidly increasing trade and budget deficits, along with poo...Read More
Domestic prices for heavy steel plate in Southern Europe fell over the past week due to a lack of buying activity, sources told Fastmarkets.Demand is expected to decrease further in August due to seasonal factors such as scheduled maintenances at the mills, they added.Fastmarkets' weekly price assessment for steel, domestic, plate 8-40mm, exw Southern Europe, was ?,?490-510 ($550-572) per tonne ex...Read More
Optimism among China's hot-rolled coil exporters led to them resisting the pressure to lower their prices on Thursday July 18 despite a retreat in the domestic market.DomesticEastern China (Shanghai): 3,880-3,900 yuan ($564-567) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,840-3,860 yuan per tonne, widening downward by 10 yuan per tonneSpot prices weakened across the country with t...Read More
Steel reinforcing bar prices in the United States have fallen to pre-Section 232 levels, with import prices also declining due to fresh offers from Europe. Fastmarkets' price assessment for steel rebar, fob mill US, widened downward to $31.50-32.50 per hundredweight ($630-650 per short ton) on Wednesday July 17 from $32-32.50 per cwt two weeks earlier, with the price also down by 9.9% fr...Read More
The rebar and wire rod prices in Turkey's domestic markets have softened over the past week due to sluggish demand in the slow summer period, sources said on Thursday July 18.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was TRY3,070-3,100 ($538-544) per tonne on Thursday, including 18% VAT, down from last week's TRY3,100-3,130 per tonne.The prices w...Read More
Turkish long steel export prices have gone down slightly over the past week in line with the limited demand for the materials, sources said on Thursday July 18.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) export, fob main port Turkey, was $450-460 per tonne on an actual weight basis on July 18, down from last week's $455-465 per tonne.The mills in Turkey have generally re...Read More
Export prices for pig iron from the Commonwealth of Independent States (CIS) increased in deals this week, due to reduced availability, sources told Fastmarkets.Fastmarkets' weekly price assessment for high-manganese pig iron exports, fob main port Black Sea, CIS $/tonne was $340-345 on Thursday July 18, up by $5 per tonne week on week. Several sales were heard done to the United States&...Read More
The Turkish steel mills have broken their recent silence in the deep-sea scrap markets and have accepted higher prices, sources said on Thursday July 18.Despite the falling prices for finished and semi-finished long steel, the Turkish mills agreed to pay higher prices for scrap because of their requirements for August-shipment cargoes.A steel mill in the Marmara region booked a Baltic Sea cargo la...Read More
Physical iron ore prices continued to fall on Thursday July 18 with market participants becoming cautious about rising steel inventories and weaker prices in China.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $119.90 per tonne, down $1.37 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $119.82 per tonne, down $1.37 per tonne. Fastmarkets' index for...Read More
This essay by gold advocate and longtime GATA supporter Willem Middelkoop, author of the 2014 book "The Big Reset," has top position today at the internet site of the Official Monetary and Financial Institutions Forum in London, an organization catering to government and central bank officials around the world. The essay acknowledges the longstanding policy of central banks and particularly the...Read More