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
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
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
Fireside ChatRapid FireFireworks ShowSome Final ThoughtsScars from the Great DepressionThe history of humanity, at least as taught in most schools, is really about two seemingly opposite forces: human innovation and human conflict. The same intelligence that lets us accomplish great things also sets us against each other. But sometimes, we rise above it.Last week I saw on Twitter (where you shou...Read More
During this 120+ minute interview, Jason and George discuss the moral hazard the Fed has created and how any type of deflation, especially in asset prices, seems to no longer be allowed.George has some very interesting insights he shares about the global macro situation, inflation, the Fed and gold.To wrap up the interview, Jason asks George what lessons he has learned from interviewing so many su...Read More
Jordan discusses Silver, fundamentals, key levels, potential targets and upside potential.Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association.. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection for the sophisticated investor, as well as TheDailyGold Global, an add-on service f...Read More
In a Wedensday manuscript detailing how high-risk COVID-19 patients should be treated, Risch notes that the combination of hydroxychloroquine (HCQ) and the antibioticContinue...Read More
Silver futures posted a gain of nearly 24% for the month of May, the largest since 2011.Continue...Read More
China's domestic rebar prices moved up on Monday June 1 following early gains in the futures market that emerged in response to positive data on downstream demand.Domestic Eastern China (Shanghai): 3,570-3,600 yuan ($500-504) per tonne, up by 40 yuan per tonneChina's steel purchasing managers' index for May was 50.9 points, which is 5 points higher than that for April, the China Federation of Logi...Read More
The European Commission (EC) plans to replace general annual quotas for hot-rolled coil with quarterly country-specific quotas and introduce some other strict measures to existing safeguard restrictions against imported steel, Fastmarkets understands.The EC sent a notice listing the changes to the World Trade Organization on May 29. The EC initiated a second review of the existing safeguard measur...Read More
Group Ten Metals' states its findings suggest a gold-rich mineralization may occur there along with platinum, palladium, nickel, copper and cobalt. Stillwater West PGE-Ni-Cu Project - 2019 DrillingGroup Ten Metals Inc. (PGE:TSX.V; PGEZF:OTCQB; 5D32:FSE) announced in a news release that additional exploration work returned high-grade gold (Au), platinum (Pt) and palladium (Pd) mineralization at Pi...Read More