Domestic prices for heavy steel plate in Europe have decreased over the past week due to poor demand, sources told Fastmarkets on Wednesday May 6.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Northern Europe was ?,?480-490 ($522-532) per tonne on May 6, down by ?,?10 per tonne from ?,?490-500 per tonne on April 29.The assessment is based on lower offers heard in t...Read More
Domestic prices for hot-rolled coil in Europe dropped again in the week to Wednesday May 6 due to slow trading activity, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?421.50 ($458.02) per tonne on Wednesday, down by ?,?1.50 per tonne from ?,?423.00 per tonne on Tuesday.Wednesday's index was calculated based on "workable" prices...Read More
Check out this headline ...According to Duke professor Campbell Harvey, a coronavirus vaccine will end the U.S. downturn and the positive yield curve is an upbeat sign.Now I'm not an economics expert. And my knowledge of economics is significantly inferior to that of Professor Harvey, but I just don't see it.Even if we do get a vaccine by the end of the year, how does that make up for the increa...Read More
"Gordon Moore called it better than anyone else, and he's going to make you very, very rich."Normally, the gruff voice behind such a statement would float over to me from the desk next to me.But, things aren't too normal these days, and Christian DeHaemer's excited tone was carried over from his home office via webcam.And whenever my pre-COVID cubicle cellmate here at the office starts off like th...Read More
Demand for flat steel products in Turkey was moderate in April despite the Covid-19 pandemic due to low stocks in the country, sources told Fastmarkets on Wednesday May 6.Turkish flat steel producers are fully booked until late June.Several carmakers stopped production in the country in March and April, but most have now resumed, or are planning to resume output in April and May.Steel output was a...Read More
It is a G-economy day with the government bonds down, credit spreads tightening, oil up and the gold-silver ratio falling. That should give today's morning report stock featured on INK Ultra Money a relative boost against its gold-focused peers. Canadian Insider Club Ultra members have full access. If you are not an Ultra member, join us or upgrade today.1. The silver lining for Yamana Gold - INK...Read More
US steel imports surged in April on the re-opening of quarterly quota limits on slab from Brazil - and despite double-digit declines for some finished steel goods.The US imported 2.68 million tons of steel last month, up by 68.9% from March but down by 11.3% from April 2019, according to license data from the US Department of Commerce's Enforcement and Compliance division last updated on Tuesday M...Read More
New orders in May are set to fall by 25% from a typical month - less than the 60% decrease seen at the end of March and in April - as steel demand starts to recover from the Covid-19 crisis in Brazil, Gerdau chief executive officer Gustavo Werneck said on Wednesday May 6.Construction site work in Brazil was down by 6% from the period before regional government quarantines to prevent the Covid-19 s...Read More
Brazil-based steelmaker Gerdau expects the No2 blast furnace at its Ouro Branco mill - in the southeastern state of Minas Gerais - to resume production between the end of June and the beginning of July, chief executive officer Gustavo Werneck said on Wednesday May 6.The blast furnace was idled in early April amid tumbling demand due to the Covid-19 pandemic and falling export prices. It has capaci...Read More
Turkish steel producers avoided the deep-sea scrap market on Wednesday May 6, amid lower finished steel output in Turkey, due to the measures introduced to curb the spread of the Covid-19 virus, sources told to Fastmarkets.The most recent deep-sea transaction took place at the end of the last week when a steel mill in the Iskenderun region booked a European cargo at $236 per tonne for HMS 1&2...Read More
The seaborne iron ore market uptrend resumed on Wednesday May 6 due to more active trading after Chinese market participants returned from the Labor Day holiday on May 1-5. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $84.35 per tonne, up $0.31 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $86.24 per tonne, down $0.46 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $72.81 p...Read More
Steel billet producers in Iran have been active in the Southeast Asian market in the week to Wednesday May 6, Fastmarkets has learnt.Several cargoes of Iranian billet scheduled for production and shipment in May were reported sold within the range of $340-342 per tonne to Thailand and Indonesia, sources said.A cargo scheduled for the Indonesian market was reported sold at $365-367 per tonne cfr, w...Read More
By David SmithMost resource sector writers (including me) have for a long time been "wrong" about gold and silver.When they ran from $250 and $5 an ounce, respectively, to $1,920 and $49 in 2011, those who listened, acted, and sold a bit did quite well. We argued the "longer time bullish case" as these metals dropped into their final cyclical bear market graves in late 2015.But that was then......Read More
China's domestic rebar prices moved up on Wednesday May 6 after a five-day break for Labor Day amid a drop in spot market inventory levels and rising futures. Domestic Eastern China (Shanghai): 3,430-3,460 yuan ($486-490) per tonne, up by 20 yuan per tonne China's 20 biggest rebar markets had 8.31 million tonnes of the product at the end of April, down by 610,000 tonnes (6.8%) from April 20,...Read More
By Ricky WenTuesday's session played out as a 'gap up and go' structure that faded in the final few minutes of regular trading hours (RTH). If you recall, RTH opened at 2863.25 after Monday's closing print of 2827.5 on the Emini S&P 500 (ES), so it was a +1.2% gap up. Then price action continued in the trending direction for the majority of the day, forming higher lows and higher highs as the...Read More
By: Gary SavageThe $SPX daily cycle low hit? Hard to tell but the 200-DMA resistance zone is..https://blog.smartmoneytrackerpremium.com/Read More
By: Ira EpsteinGold does not want to go much lower, it appears but over the short-term a bearish trend putting pressure on the downtrend..Read More
High-carbon ferro-chrome traded in a wider range last week as market participants weighed the impact of a near-term pick-up in demand against the longer-term impact of Covid-19 on the alloys markets. The price spread for high-carbon ferro-chrome in Europe widened by a couple of cents per lb to $0.17 per lb in the week ended Friday May 1. Fastmarkets' price assessment for ferro-chrome high carbon 6...Read More
Here are five Fastmarkets stories you might have missed on Wednesday May 6 that are worth another look.Mining operations at Anglo American's Grosvenor coal mine in Queensland, Australia, have been suspended following an incident on the afternoon of Wednesday May 6, which led to its evacuation.Stainless steel prices in China were largely unchanged in the week to May 6, with market participants in t...Read More
A summary of stainless steel producer Outokumpu's results for the first quarter of 2020. In brief Sales and deliveries decreased year on year because of the coronavirus pandemic and its effect on the market. Earnings before interest, taxes, depreciation and amortization (Ebitda) for the quarter increased on an annual comparison because...Read More