Demand for flat steel products in Turkey was moderate in May because of low stocks in the country and the spread of the Covid-19 pandemic, market participants told Fastmarkets on Wednesday June 3.Turkish flat steel producers were fully booked until late July and have started to accept orders for August production.Steel trading was limited in May because of various curfew orders and national holida...Read More
"This is the end, beautiful friend," I thought to myself.I remember that morning very clearly. The sun was slowly creeping across my desk as I just stared blankly at my screen.Yet, it wasn't much of a shock that Jim's voice was floating through my mind.It was in the early days of 2009 and oil prices had been crashing for the last six months. That morning, I watched as the price for a barrel of WTI...Read More
I've been trading stocks and writing about the market for over 25 years. And I have never seen an extreme disconnect between market values and reality.There are 36 million unemployed. GDP will fall 30% and earnings will drop by 20%. There is a renewed trade war with China and a simmering Cold War. The Fed has digitally printed $7 trillion. The difference between work from home people and those...Read More
Domestic prices for hot-rolled coil in Europe have inched down over the past week due to a lack of buying activity, sources told Fastmarkets on Wednesday June 3.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?402.00 ($448.48) per tonne on Wednesday, down by ?,?1.00 per tonne from ?,?403.00 per tonne on Tuesday.Wednesday's index was calculated bas...Read More
Domestic prices for cold-rolled coil have moved down over the past week in Northern Europe due to poor trading activity in the region, sources told Fastmarkets on Wednesday June 3.Fastmarkets' weekly price assessment for steel cold-rolled coil, domestic, exw Northern Europe, was ?,?490-500 ($547-558) per tonne on June 3, down by ?,?10 per tonne week on week from ?,?500-510 per tonne ex-works.The a...Read More
Prices for mesh-quality steel wire rod in Europe declined over the past seven days on pressure from buyers, sources told Fastmarkets on Wednesday June 3.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Southern Europe, was ?,?420-440 ($470-493) per tonne on Wednesday, narrowing down by ?,?10 per tonne over a week.ItalyThe Italian market have today af...Read More
Prices for hollow steel sections in Europe were unchanged this week due to various public holidays reducing the amount of trading activity, sources told Fastmarkets on Wednesday June 3.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?550-570 ($614-636) per tonne on Wednesday, unchanged week on week.The market was quiet this week due to p...Read More
The price for steel H-beams in Europe remained flat on Wednesday June 3 due to various public holidays and the start of the regular monthly price negotiations, sources have told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?530-550 ($591-614) per tonne on Wednesday, unchanged week on week.The market was quiet this week due to public h...Read More
Here are five Fastmarkets stories you might have missed on Wednesday June 3 that are worth another look.Mills in India and Pakistan have returned to the market for bulk scrap and have booked cargoes from the United States over the past few days, sources told Fastmarkets on June 3.Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama rose by 4% mont...Read More
Turkish steel producers have continued to book more deep-sea scrap cargoes at steady prices, sources told Fastmarkets on Wednesday June 3.A steel mill in the Izmir region booked a US cargo, comprising shredded scrap at $259.50 per tonne and plate & structural scrap (P&S) at $264.50 per tonne cfr late on Tuesday June 2. The cargo's composition and volumes were not clear at the time of publicat...Read More
Seaborne iron ore prices were mostly flat at a high price level on Wednesday June 3 with the seaborne market continuing to be active in low-grade and mid-grade iron-ore fines trading, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $101.22 per tonne, down $0.10 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $104 per tonne, down $0.13 per tonne. 58% Fe fines high-grade premi...Read More
Iranian export billet prices narrowed upward in the week to Wednesday June 3 with more mills managing to achieve higher sales prices.Last week, Khouzestan Steel, the country's major billet exporter, sold several cargoes scheduled for delivery in July at $364 per tonne fob Iranian ports.Some market participants said that such a level would be accepted only for position cargoes, estimating the worka...Read More
China's domestic rebar prices strengthened further on Wednesday June 3 on market participants' positive outlook for demand over the next few months. Domestic Eastern China (Shanghai): 3,610-3,640 yuan ($508-512) per tonne, up by 20 yuan per tonneThe Chinese finance ministry said that the country had issued 3.2 trillion yuan of local bonds in the first five months of 2020, up by 65.1% year on year....Read More
Stefan Gleason, Money Metals ExchangeJust when it seemed as though America may be turning the corner after months of lockdown... just when it seemed as though we were on a path to reopening and gradually returning to normalcy... just when the prospects of panic-induced social unrest seemed to be behind us......America's cities erupted into flames.Antifa and BLM-organized rioting, looting, violen...Read More
With the nation in deep crisis, stocks continued on their heedless path higher. The seemingly demented rally is demonstrating yet again that bull markets at some point decouple so completely from reality as to mock those who thrive by promoting them. By now, the spun story that investors are looking past the pandemic and focusing on renewed growth is sounding increasingly farfetched. Some econom...Read More
By: Gary SavageThe US Dollar Index has broken through support and is heading lower. Where to next?https://blog.smartmoneytrackerpremium.com/Read More
Steve St. Angelo, SRSrocco Report What goes up, must come down. And, this is most certainly true for the mighty North Dakota Bakken... the second-largest shale oil-producing region in the United States. Even after the global contagion fades away, the North Dakota Bakken has likely reached peak production. According to a new chart by Jean Laherrere, from his recent work titled, Negative WT...Read More
By: Ira Epstein18-day moving average near 1740, strong support in the lower $1700's:Read More
In this video Lynette will show you what she said about the immediate economic future of over 170 countries and the unfortunate realities which will unfold when desperate governments to desperate things. It's happened throughout history, it's happening right now, and knowing what to do about it will put you back in the driver seat, so your money doesn't disappear during the largest wealth transfer...Read More