Hot-rolled coil prices in the United States remained above $30 per hundredweight on Friday January 10, with domestic flat-rolled steel mills holding firm on higher prices after their fifth increase since late October of last year.Fastmarkets' daily hot-rolled coil index, fob mill US was calculated at $30.38 per cwt ($607.60 per short ton) on Friday, little changed from 30.48 per cwt a da...Read More
Fastmarkets' index for domestic hot-rolled coil in Northern Europe increased on Friday January 10, with sources expecting prices to continue to rise.Fastmarkets' daily calculation of the steel hot-rolled coil index, domestic, ex-works Northern Europe, rose slightly to ?,?442.43 ($491.51) per tonne on Friday, from ?,?441.15 per tonne on January 9.The index was based on deals and achievable prices h...Read More
Flat steel prices in Turkey increased during the week ended Friday January 10, even as trading activity remained weak, market sources said.Local producers in Turkey increased their prices in line with increasing global prices.HRC exportsFastmarkets' weekly price assessment for steel hot-rolled coil, export, fob main port Turkey, was $510-515 per tonne on January 10, compared with $500-510 per tonn...Read More
The Polish domestic rebar price moved up in the week to Friday January 10 due to some improvement in demand after participants returned to the market from New Year holidays across Europe, market sources told Fastmarkets. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, ex-works Poland rose to 2,070-2,100 zloty ($542-550) per tonne on Friday January 10 from 2,00...Read More
Prices in Southeast Asia's steel billet market remained stable on Friday January 10 as buyers mostly stayed away from the spot market in anticipation of softer scrap charges, sources told Fastmarkets. "It is difficult to conclude any deals because the situation envisioned by buyers [of lower scrap prices] has yet to materialize," an Indian trader said.Scrap prices in Turkey, the world's large...Read More
China's domestic rebar prices edged down on Friday January 10 due to weakening demand as more participants prepared to exit the market ahead of the week-long Chinese New Year holiday later this month. Eastern China (Shanghai): 3,670-3,700 yuan ($530-534) per tonne, down 10 yuan per tonne Northern China (Beijing): 3,540-3,560 yuan per tonne, narrowed downward by 10 yuan per tonneA number...Read More
The inter-merchant spot market for light iron scrap in the UK was unmoved in the week ended Friday January 10, while there was an increase in business from Europe to traditional export markets in Turkey and the Indian subcontinent.The UK steel scrap market is preparing for the settlement of monthly delivery contracts to domestic steelmakers, with some industry sources suggesting a rollover may be...Read More
The price of ferrous scrap imported into India increased again this week as positive sentiment in the market continues to boost trading activity, sources told Fastmarkets.Fastmarkets' assessment for steel scrap, shredded, index, import, cfr Nhava Sheva, was $317.35 per tonne on Friday January 10, up from $312.17 per tonne a week earlier.Prices have continued to move up on a weekly basis since Nove...Read More
The price of austenitic alloy steel scrap in Europe has moved up slightly over the past week on an uptick in demand for January tonnages and improved market sentiment, sources told Fastmarkets on Friday January 10.Fastmarkets' price assessment for stainless steel scrap 316 solids, domestic, delivered merchants UK, was ?1,170-1,200 ($1,530-1,569) per tonne on Friday, up by ?20 per tonne from the...Read More
The price of steel slab exports from Brazil increased in the first full week of January 2020 with higher demand from North American buyers.Fastmarkets' weekly price assessment for steel slab export, fob main port Brazil, was $415-425 per tonne on January 10, rising from $395-405 per tonne on January 3.Virtually all Brazilian slab producers have increased their offer prices for March-shipment batch...Read More
Trading activity in the export market for CIS steel billet recovered somewhat in the second week of January with several cargoes reported sold to Africa.Nevertheless, the market still lacked clarity, with most customers holding back from purchasing activity and some suppliers still to announce new offer prices.Those producers which have opened their sales returned to the market with offers at the...Read More
Prices in Southeast Asia's steel billet market remained stable on Friday January 10 as buyers mostly stayed away from the spot market in anticipation of softer scrap charges, sources told Fastmarkets. "It is difficult to conclude any deals because the situation envisioned by buyers [of lower scrap prices] has yet to materialize," an Indian trader said.Scrap prices in Turkey, the world's large...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 383,48061,189139,363202,452558,533725,295759,085 Change from Prior Reporting Period 1,8607,494-1,248-473-10,883139-4,637 Traders 23670875458324185 Small Speculators LongShortOpen Interest 60,56226,772785,857 -4484,328-309 non reportable positionsChange fr...Read More
- Richard (Rick) MillsGold's safe haven status was tested this week, as Iran countered the assassination of its top military commander with missile strikes against two Iraqi bases housing US troops.On Tuesday night Tehran fired over a dozen missiles at the Al-Asad airbase and Erbil airport, in obvious retaliation against an American drone strike a few days earlier that killed General Qasse...Read More
Gold dramatically surged to major new secular highs this past week, fueled by stunning geopolitical news. The US assassinated Iran's top general, so Iran fired ballistic missiles at military bases in Iraq used by the US. That naturally ramped gold bullishness, spawning all kinds of predictions for much-higher prices. But geopolitically-driven gold spikes never last long, and the gold buy...Read More
- Rob KirbyDuring the run-up to year end, the narrative being fed to the population by the Wall St./Fed crowd was that massive liquidity [cash] injections were required in the banking system to ensure there were no "accidents" over the "turn" of the year end calendar to 2020. We've all been treated to some pretty sophisticated technical explanations by Wall Street and Fed mavens about the in...Read More
- Gary TanashianOnce again I have to disclaim that at the moment (and for quite some time now) I hold not one single short position, in anything. I am only long US and global stocks. But also managing cash and portfolio balance as usual while feeling as though I'm playing a game of Musical Chairs while the music still plays (nothing nearly as good as Keith's style, which has always resonated w...Read More
By: Avi GilburtOriginally published on Sat Jan 4 for members of ElliottWaveTrader.net: Back in October and early November, I was preparing our members for the next rally phase I was expecting in the metals complex. And, when the 144-minute MACD on the silver chart signaled a bottom in early December, I noted it was no longer time to look down, but we need to be looking higher in a more s...Read More
By: Ira EpsteinGold needs an impetus in the near-term to get gold back to early week highs:Read More
Traders will either close short positions or go long on the weekend. Iranian risk is there. My initial reaction after the news of Ukrainian airlines crash in Tehran was that of a missile hit. I may be right. USA, Canada and UK are all now saying that Ukrainian airlines was hit an Iranian missile. In my view missile may or may not be Iranian. NATO/USA has started the escalation of war like situat...Read More