The downward pressure on flat-rolled steel import prices in South America persisted in the week ended Friday November 5, with buyers still cautious of ordering January-shipment cargoes while gauging future demand and overall pricing trends.More market participants expressed their fears during the week regarding an export duty being imposed on steel products from China from January 2022. They said...Read More
By Kevin Buckland TOKYO, Nov 5 (Reuters) - The dollar was on course for asecond straight week of gains against major peers on Friday,ahead of a key U.S. jobs report that could sway the timing ofFederal Reserve interest rate increases. Sterling headed for its worst week in 11 after the Bank ofEngland caught the market off-guard by keeping rates steady onThursday. The dollar index , which measures t...Read More
Share this article TORONTO - African Gold Group Inc. [AGG-TSXV, AGGFF-OTCQX, 3A61] said it has upsized a previously announced non-brokered private placement, with proceeds earmarked for the company's Kobada Gold Project in Southern Mali.The company said the upsized private placement will be for gross proceeds of up to $5 million via the sale of up to 35.7 million units priced at 14 cents each. Th...Read More
New York, Nov 5 (Reuters) - The dollar hit a more-than one-year high on Friday after data showed the United States created more jobs than expected in October, pushing the country closer to full employment, one of the Federal Reserve's conditions for raising interest rates.Nonfarm payrolls increased by 531,000 jobs last month as the surge in COVID-19 infections over the summer subsided, offering mo...Read More
Nov 5 (Reuters) - With strong demand and short supplies driving inflation more broadly through the economy, the clock may be ticking on how long the Federal Reserve can wait before raising interest rates in response, a U.S. central banker suggested on Friday."As supply chains heal and demand eases, there is reason to expect inflation will eventually moderate, but it is also clear that the risk of...Read More
Coated steel coil prices decreased in Turkey during the week ended Friday November 5, while some buyers expect further price falls, sources told Fastmarkets.Buyers expect more price decreases because of recent price falls for hot-rolled coil and weak demand, sources said.Fastmarkets' weekly price assessment for steel hot-rolled coil, domestic, exw Turkey was $910-930 per tonne on November 5, narro...Read More
We spoke with Greg Pendura, President, CEO and Chairman, and Don Weatherbee, CFO of Mineworx Technologies Ltd., (TSXV: MWX, OTCQB: MWXRF, FSE: YRS, WKN: A2DSW3). Mineworx, in conjunction with its US based partner, Davis Recycling, is moving to unlock the massive opportunity of the extraction of palladium and platinum from diesel catalytic converters. The new proprietary processing technology, deve...Read More
WASHINGTON (Reuters) - Democrats in the U.S. House of Representatives were poised on Friday to adopt the centerpiece of President Joe Biden's domestic agenda: a $1.75 trillion social policy and climate-change bill and a $1 trillion bipartisan infrastructure bill.The two pieces of legislation represent momentous action by Biden and Congress, including the biggest upgrade of America's roads, bridges...Read More
Some flat steel prices decreased in Turkey during the week ended Friday November 5; buyers were hesitant to book large tonnages because of the uncertainty, sources told Fastmarkets.Falling prices in China are behind the price drop; prices from the Commonwealth of Independent States have also decreased recently.Turkish flat steel producers accepted orders for January production during the week...Read More
WASHINGTON, Nov 5 (Reuters) - U.S. employment increased more than expected in October as the headwind from the surge in COVID-19 infections over the summer subsided, offering more evidence that economic activity was regaining momentum early in the fourth quarter.Nonfarm payrolls increased by 531,000 jobs last month, the Labor Department said in its closely watched employment report on Friday. Data...Read More
Prices for steel rebar in Poland inched lower during the week to Friday November 5 amid slower activity, with market participants expecting either a rollover or a slight increase in prices for November, Fastmarkets heard.Trading activity in the Polish rebar market slowed this week because local stockholders and distributors had previously replenished their stocks and were not chasing for material....Read More
Polish wire rod prices flattened in the week to Friday November 5 after local mills finished November bookings, sources told Fastmarkets.Steel wire rod prices in Poland have stabilized after last week's increase, leaving Fastmarkets' weekly price assessment for steel wire rod (drawing quality), domestic, delivered Poland at 3,850-3,950 zloty ($969-994) per tonne on November 5.November wire-rod off...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Gold has found itself back in familiar territory after dropping following the FOMC announcement. The price found some good support at the green area highlighted in a previous post at the $1760/oz area....Read More
China's domestic rebar prices declined on Friday November 5, with market participants expecting the downward trend to continue amid weakening end-user demand.DomesticEastern China (Shanghai): 4,880-4,910 yuan ($762-767) per tonne, down by 20 yuan per tonneNorthern China (Beijing) weekly assessment: 4,780-4,820 yuan per tonne, down by 360-370 yuan per tonneThe third round of land auctions is taking...Read More
Nov 5 (Reuters) - Global bond funds drew massive inflows in the week to Nov. 3 as investors reassessed expectations around the future course for key policy rate hikes ahead of major central bank meetings.Investors purchased a net $13.79 billion in global bond funds, marking their largest net buying since the week to Sept. 1, Lipper data showed.The U.S. central bank on Wednesday announced the taper...Read More
Ferrous scrap prices in the global markets were unstable in the week ended Friday November 5 because deep-sea import prices in Turkey, the biggest scrap importer, fell earlier. But they rebounded toward the end of the week, while suppliers in the United States were able to resist the decline because of strong domestic demand. Turkish import prices rebounded late in the week Strong domestic demand...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Gold and silver have moved higher into the last trading day of the week. Gold is back in familiar territory just below $1800/oz and silver is trading at $23.89/oz. In the rest of the commodities comple...Read More
The export pig iron market from the Commonwealth of Independent States softened in the week ended Thursday November 4 due to demand from the United States at lower prices than neighboring markets.Fastmarkets' price assessment for high-manganese pig iron export, fob main port Black Sea, CIS $520-545 per tonne on November 4, down from $550 per tonne a week before.Buyers in the United States, who hav...Read More
LONDON, Nov 5(Reuters) - Sterling fell to five-week lows in early trading on Friday, extending its losses after the Bank of England surprised the market by leaving interest rates unchanged on Thursday.Seven of the nine members of the BoE's Monetary Policy Committee voted to keep the main interest rate at its all-time low of 0.1%, resulting in sterling's biggest daily fall in more than 18 months.Po...Read More
Turkish steel producers ended the week with a total of five deep-sea scrap cargoes, with prices increasing throughout the week, market sources told Fastmarkets on Friday November 5.A steel mill in the Izmir region booked a Baltic Sea cargo consisting of 11,000 tonnes of heavy melting scrap 1&2 (80:20) at $500 per tonne and 15,000 tonnes of shredded and 3,000 tonnes of bonus at $520 per tonne cfr l...Read More