The lithium industry's annual gathering was hosted this year in Santiago, Chile, where the world's leading lithium producers as well as battery and auto makers gathered to discuss key topics including the lithium market's dynamics, price volatility and the lack of visibility on supply and demand fundamentals. The conference was also the backdrop for the announcement that the London Metal Exchange...Read More
Prices for alloy-grade cobalt fell closer in line with those for standard-grade metal last week after sellers revised their expectations for premiums for certain brands and shapes to shift units. Fastmarkets' price assessment for cobalt standard grade, in-whs Rotterdam, fell to $12.65-13.10 per lb, on Friday July 12, down by 3.6% from $13.05-13.65 per lb a week earlier. Over the same period, Fastm...Read More
Prices in Asia for hot-rolled coil (HRC) have fallen in the past week on hectic selling by traders, market sources told Fastmarkets on Monday July 15.Fastmarkets' price assessment for steel HRC import, cfr Vietnam - which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam - was $510-515 per tonne cfr on July 15, down by $5-7 per tonne from $517-520...Read More
Trump's newest economic adviser is a goldbug.Economist Judy Shelton has been a longtime supporter of the return to the gold standard.In August 2016, Shelton was interviewed on CNN, saying, "I think we need another Bretton Woods. Or at least we need to be thinking in terms of a neutral reference point - a global unit of account. I mean something like a gold standard even, updated to reflect a digit...Read More
China's hot-rolled coil prices bounced back on Monday July 15 after the futures market strengthened after the release of economic data for the first half, while expectations of a drop in supply provided additional support.DomesticEastern China (Shanghai): 3,850-3,870 yuan ($559-562) per tonne, widening upward by 10 yuan per tonneNorthern China (Tianjin): 3,850-3,860 yuan per tonne, up 20 yuan per...Read More
Vietnam aims to start six new steel projects by the end of 2020, according to the Vietnam Steel Association.This would add a total of 6.2 million tonnes per year of finished and crude steel capacity on top of its fast-growing ferrous industry and bring its total steel capacity to 30.15 million tpy.Company: An Hung Tuong Location: Nghi Son, Thanh Hoa Capacity: 1.5 million...Read More
Thank you for joining us in a weekly technical look at the mid-cap-oriented INK Canadian Insider (CIN) Index. Last week, the INK Canadian Insider Index continued to move in the tight range it has occupied over the past month and a half. At week's end, the INK CIN closed down a modest 1.3 points to finish at 1119.67. MACD fell 1.3 points to -0.3. RSI dipped 2.6 points to 55.98.Support is now at 1...Read More
Here are five Fastmarkets MB stories you might have missed on Monday July 15 that are worth another look.In copper, the World Bank's International Centre for Settlement of Investment Disputes has awarded $5.84 billion in damages to Tethyan Copper Co Pty Ltd, Antofagasta said on Monday July 15. Separately, Fastmarkets summarizes five key points to take away from the one-day Yantai Copper...Read More
Buying activity in the CIS export long steel market was rather modest in the week to Monday July 15.Customers either preferred to refrain from bookings amid sluggish demand in their home markets, or were cautiously waiting for more clarity to emerge in the import scrap market in Turkey.Nevertheless, wire rod prices climbed over the week with a small CIS cargo reported sold at around $500 per tonne...Read More
Turkey's biggest steel producer, Erdemir Group, has denied making an offer to acquire struggling UK long steelmaker British Steel, it said in a stock exchange disclosure late on Sunday July 14."In some news published in [the] international media and reflected in the [Turkish] national media, it was claimed that our company made an offer for the acquisition of British Steel," the disclosure said. "...Read More
Turkish steel mills began the week in silence due to a public holiday in the country, sources said on Monday July 15.The Democracy and National Unity Day public holiday in Turkey meant trading activity was paused at the start of the week with many traders not at work.The last verified scrap...Read More
Seaborne iron ore prices resumed their upward trajectory on Monday July 15, amid fears of supply tightness accompanied by a positive outlook on China's overall economy.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $121.41 per tonne, up $2.12 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $121.33 per tonne, up $2.12 per tonne. Fastmarkets' ind...Read More
Movements in the ferrous scrap prices around the world were mixed in the week ended Friday July 12, with prices in Asia supported by steady demand and higher offers while prices in the United States and Turkey fell on thin spot trading activity. Turkey sees limited import trades US East Coast exporters see bearish demand Asian import prices up but downtrends possible Monsoon in India reduces spot...Read More
"I've never been poor, only broke. Being poor is a frame of mind. Being broke is only a temporary situation." Mike Todd, movie producer, Elizabeth Taylor's third husband; 1903-1958 "It wasn't raining when Noah built the ark." Warren Buffett, Business magnate, investor, speaker, philanthropist, CEO Berkshire Hathaway, b. 1930 "Beware of inside information...all inside information." Jesse Liverm...Read More
By Avi GilburtI can no longer count how many times I have been told that "squiggly lines cannot predict the market." Yet, anyone who has tracked us over the long term knows how successful we have been at predicting many major market turns and targets with these "squiggly lines." In fact, we have done so in many markets including metals, equities, Forex, bonds, etc.The issue that many have with o...Read More
By signaling a move toward easing, Powell has made ready to cushion the U.S. against an economic slowdown that has been gathering force around the world. Although it is never wise to fight the Fed, we should be very guarded this time, scanning the horizon for signs of monetary-policy fissures. They are not likely to be obvious right away, since loosening will initially have a bullish impact on...Read More
Rebar futures in China picked up on Monday July 15 following the release of the latest economic growth data, though spot prices for the long steel product softened amid selling pressure.Domestic Eastern China (Shanghai): 3,970-3,990 yuan ($577-580) per tonne, down 10 yuan per tonneNorthern China (Beijing): 3,870-3,900 yuan per tonne, down 10 yuan per tonneChina's gross domestic product grew by 6.3...Read More
David Stockman is a former Republican congressman from Michigan and was President Reagan's budget director from 1981 to 1985. After leaving the White House, Stockman became a managing director at Salomon Brothers, and he later founded a private equity fund. David is the founder of David Stockman's Contra Corner, and he is the author of The Great Deformation: The Corruption of Capitalism in America...Read More
What is up with the silver market? Join Mike Maloney as he dives into two immensely powerful data sets that suggest that something big is happening behind the scenes.Link to the article: https://www.goldmoney.com/research/goldmoney-insights/a-whale-is-accumulating-silver-futuresMichael Maloney is a precious metals investment expert and historian. He is the founder and owner of GoldSilver.com, a gl...Read More
And who are the winners? On whose side are the Fed and the media?Wolf Richter is the founder of Wolf Street Corp and the publisher of WolfStreet.com. Wolf has over twenty years of C-level operations experience, including turnarounds and a VC-funded startup. He has a BA, MA, and MBA (UT at Austin). In his prior life, he worked in Texas and Oklahoma, including a decade as General Manager and COO of...Read More