Northern European hot-rolled coil producers still face poor demand for flat steel, sources told Fastmarkets on Monday June 1.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?402.50 ($446.83) per tonne on Monday June 1, up by ?,?1.79 per tonne from ?,?400.71 per tonne on May 29.Monday's index was calculated based on the latest deals, "workable" pri...Read More
Domestic prices for steel hot-rolled coil in Northern Europe decreased further during the week to Friday May 29, due to low demand.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?400.71 ($444.84) per tonne on Friday, down by ?,?6.79 per tonne week on week and by ?,?25.54 per tonne month on month.Friday's index was calculated based on deals and "workable" price...Read More
The United States Department of Commerce has announced an affirmative circumvention ruling against imports of steel concrete reinforcing bar (rebar) from Mexico.Commerce issued an affirmative preliminary circumvention ruling against Mexican rebar on March 4.Commerce said imports of straight rebar that is bent at one or both ends and produced and/or exported to the US by Deacero SAPI de CV circumve...Read More
Prices for domestic and imported merchant bar quality (MBQ) steel in the United States remained flat in May amid stirrings of activity and an improving outlook.Fastmarkets' monthly price assessment for steel bar 2 x 2 x 1/4 -inch angle merchant products, fob mill US was unchanged at $33.80 per hundredweight ($676 per short ton) on Friday May 29 after declining to that level on April 24; the...Read More
Prices for steel rebar in Russia's Central Federal District around Moscow declined over the past week due to slow demand, sources told Fastmarkets on Monday June 1. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, including 20% VAT was at 31,500-32,000 roubles ($449-456) per tonne on Monday, down from 32,000-33,000 last Tuesday. Activity in...Read More
Here are five Fastmarkets stories you might have missed on Monday June 1 that are worth another look.Mining company Rio Tinto has apologized for destroying one of Australia's oldest Aboriginal heritage sites in order to expand an iron ore project and said that it was urgently reviewing plans at other sites in the Juukan Gorge area.Aluminium producer Norsk Hydro and battery cell maker Northvolt hav...Read More
Turkish domestic ship scrap prices rose over the past week, in line with stronger imported scrap values, market sources said on Monday June 1.The Turkish steel producers resumed their deep-sea scrap purchases at higher prices after the Eid al-Fitr break, which marks the end of Ramadan.Following the upturn in import values, three steel mills raised their...Read More
Turkish steel producers have continued their deep-sea scrap purchases on further easing of the restrictions imposed to combat the Covid-19 pandemic in the country, sources said on Monday June 1.A steel mill in the Iskenderun region booked a Canadian cargo, comprising 10,000 tonnes of shredded, 15,000 tonnes of plate and structural scrap (P&S) and 25,000 tonnes of HMS 1&2 (90:10) at an average pric...Read More
Sentiment in the CIS export market for steel billet improved over the weekend of May 30-31 with higher bids heard from customers in China.The increased cost of iron ore, together with an upswing in the East Asian country's domestic rebar market and production cuts planned in Tangshan province, supported interest in imported billet.Fastmarkets' daily index for iron ore 62% Fe fines, cfr Qingdao, wa...Read More
StrengthsThe best performing precious metal for the week was silver, up 3.78 percent on stronger industrial demand. After a slow start to the week, gold and silver were moderately higher in midday U.S. trading Thursday as haven demand returned due to China's security law imposition on Hong Kong. The move by China ratcheted up tensions with the U.S. Gold rose Friday morning as investors awaited P...Read More
Alasdair Macleod is head of research for GoldMoney. He also runs FinanceAndEconomics.org, a website dedicated to sound money and demystifying finance and economics. He has a background as a stockbroker, banker and economist. Read More
Export slab prices from the the Commonwealth of Independent States (CIS) picked up again in the week ended Monday June 1 on a revival in demand from China, Fastmarkets has learnt.Increases in the cost of iron ore and an upswing in China's domestic hot-rolled coil market supported demand for import slab.A cargo of Ukrainian slab was reported sold to China at $385 per tonne cfr, equivalent to around...Read More
Clint Siegner, Money MetalsProtests egged on by the legacy media quickly devolved into large-scale riots and looting over the weekend in more than a dozen U.S. cities.Some important institutions have betrayed the public trust, and Americans facing quarantine and staggering unemployment have arrived at the boiling point.Meanwhile, the ranks of people buying gold and silver as a hedge against econ...Read More
Gregory Mannarino started his career working for the securities and trading arm of the now defunct Bear Stearns before the dot-com bubble. After realizing that working on Wall Street was not like the movies, he moved on to get a medical degree and practiced medicine as a Physician Assistant. He also served in the United States Naval Reserve Medical Service Corps, having attained the rank of Lieute...Read More
Index futures have done a tentative alley-oop Sunday night, feinting lower before moving as though to challenge Friday's nutty highs. They occurred, apparently, because Trump was not as hard on China as he could have been when he addressed the nation ahead of the closing bell. Anyone mystified by the stock market's exuberance hasn't been paying attention to the steep rally that has occurred with...Read More
*This interview was recorded on 5/28/20Grant's Interest Rate Observer Founder and Editor James Grant and CNBC's Rick Santelli discuss the consequences of unprecedented policy.James "Jim" Grant is an American writer and publisher and the founder of Grant's Interest Rate Observer, a twice-monthly journal of the financial markets. He is the author , most recently, of The Forgotten Depression: 1921: T...Read More
By: Ira EpsteinGold monthly is favorable, momentum and bias is up. For the week, gold had a higher weekly close. It was a strange week..Read More
Mohamed El-Erian, chief economic advisor at Allianz, joins "Squawk Box" to discuss why he says the nationwide protests following the death of George Floyd should be considered an economic issue as well as about social justice.Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer of PIMCO, a global...Read More