RambusFrom the March 23rd low in the PM complex we've enjoyed the first easy part of this rally that should have many years to run yet. Every bull market will consist of an impulse move followed by a consolidation period, rinse and repeat until the bull market ends with some type of reversal pattern. Normally in a secular bull market the turning points will generally be very large to buildup the...Read More
By: Ira EpsteinGold still not in a new trend short-term, higher high and lower low. If sell-off continues, the 100 DMA is near $1,655:Read More
Katanga Mining has been taken private by Glencore International AG after shareholders voted overwhelming in favor of a definitive agreement to amalgamate the company with 836074 Yukon Inc, a wholly-owned Katanga subsidiary. A special meeting of shareholders was held on Tuesday June 2, with the deal - recommended by the Katanga board - getting 99.9% approval during a vote. The result of the vo...Read More
Turkish deep-sea scrap bookings have continued for July shipments at slightly stronger prices, sources said on Thursday June 4.A steel mill in the Iskenderun region booked a Canadian cargo, comprising 30,000 tonnes of shredded at $263 per tonne cfr.This compared with the most recent United States-origin cargo sold at...Read More
Steelmakers in Bangladesh largely abstained from the market for import bulk scrap cargoes over the last week but offer prices increased due to recent deals done in India and Pakistan, market sources told Fastmarkets on Thursday June 4. Mills in India and Pakistan bought bulk cargoes from the US West Coast over recent days at increased prices amid stronger demand for scrap, low bulk freight ra...Read More
Japanese suppliers of H2 heavy scrap are experiencing difficulty in sourcing for supply, which has led to a rise in export prices for a second week, market sources told Fastmarkets.Low supply has resulted in dockside scrap prices climbing again over the past week, which push up export offers and exert pressure on domestic steelmakers' margins since they are also struggling to obtain material."The...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 4 that are worth another look.Workers of Tata Steel Netherlands have voted in favor of industrial action to protest planned redundancies, trade union FNV Metaal said on June 4.Russian President Vladimir Putin has declared a state of emergency after an accident at a plant operated by a subsidiary of top nickel and palladi...Read More
The metals were for the most part weaker this morning, Thursday June 4, while Asian-Pacific equities were stronger. While Asian-Pacific equities were firmer, pre-market major western equity index futures were showing losses.Germany provides its economy with a ?,?130 billion ($145.8 billion) stimulus package, including a 3 percentage point cut in value-added tax (VAT) and a doubling of rebate on el...Read More
The cobalt alloy grade, in-whs Rotterdam trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trade logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies.Fastmarkets assessed the price of cobalt...Read More
The cobalt standard grade, in-whs Rotterdam, trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trade logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies.Fastmarkets assessed...Read More
It wasn't easy to write today's article.It hasn't been easy to do much of anything lately, to be honest.Mornings are now spent sifting through the news of violence and intolerance.Afternoons are spent trying to pull me out of a state of depression and frustration long enough to get in a workout. And at night, after dinner, I take long walks, smoke a little weed, and try to forget about all the sh...Read More
Katanga Mining has been taken private by Glencore International AG after shareholders voted overwhelming in favor of a definitive agreement to amalgamate the company with 836074 Yukon Inc, a wholly-owned Katanga subsidiary. A special meeting of shareholders was held on Tuesday June 2, with the deal - recommended by the Katanga board - getting 99.9% approval during a vote. The result of the vo...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 4 that are worth another look.Workers of Tata Steel Netherlands have voted in favor of industrial action to protest planned redundancies, trade union FNV Metaal said on June 4.Russian President Vladimir Putin has declared a state of emergency after an accident at a plant operated by a subsidiary of top nickel and palladi...Read More
Today, we hear from Teddy Vallee, founder and chief investment officer of Pervalle Global. Looking over a long-term horizon, he sees negative real returns for US equities. However, he expects there will be opportunities to make money by trading and potentially investing in markets with a better outlook than the US. He has been bullish on gold miners and going forward he is very bullish on bitcoin...Read More
Workers of Tata Steel Netherlands have voted in favor of industrial action to protest planned redundancies, trade union FNV Metaal said on Thursday June 4. Employees of Tata Steel's Dutch asset in IJmiuden are ready to go on strikes if Tata Steel fails to comply with their demands, according to FNV. "If the management of Tata Steel does not meet [our] requirements before Wednesday [June 10], we wi...Read More
Domestic prices for hot-rolled coil in Europe decreased day on day on Thursday June 4 due to low demand, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?400.08 ($448.70) per tonne on June 4, down by ?,?1.92 per tonne from ?,?402.00 per tonne on Wednesday.Thursday's index was calculated based on deals heard at ?,?400-...Read More
Global demand for steel will decrease by 6.40% year-on-year in 2020 due to the effects of Covid-19 pandemic lockdown measures, the World Steel Association (Worldsteel) said on Thursday June 4.Steel demand this year will drop to 1.65 billion tonnes, Worldsteel said in its Short Range Outlook for June 2020, but will recover in 2021 to 1.72 billion tonnes, which would be up by 3.80% year-on-year.This...Read More
Turkish domestic long steel prices have increased slightly over the past week in line with rising imported scrap costs and improving demand, sources said on Thursday June 4.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey was 3,250-3,300 lira ($483-491) on Thursday, up from 3,230-3,290 lira per tonne last week, including 18% VAT.Domestic rebar prices in t...Read More
Spanish steelmaker Celsa is to investigate the use of hydrogen to replace its fossil-fuel energy sources in a project at its Nordic region site, the companies involved jointly announced on Wednesday June 3.Celsa Armeringsst??l, of the Celsa Group, has teamed up with Mo Industripark and renewable energy company Statkraft, and has signed a letter of intent to establish a green hydrogen value chain f...Read More
The recent tariffs and trade wars had already stretched global supply chains to breaking point, but the Covid-19 pandemic broke those chains, according to a report by Gold Street Advisors (GSA).In a wide-reaching analysis on the impact of the pandemic on metals markets and what will change in its aftermath, the New York, United States-based asset management and risk advisory firm said that going f...Read More