Rising ferrous scrap costs have nudged special bar quality (SBQ) steel spot prices upward in the United States, while sentiment among market participants has been weak to start the year, Fastmarkets has learned. On the hot-rolled side of the market, Fastmarkets' monthly price assessment for steel bar hot-rolled special bar quality (SBQ) 1-inch round 1000 series (carbon), fob mill US rose to $35 pe...Read More
Sentiment in the global long steel market has become more positive "especially after the announcement that a trade deal between the [United States] and China will be signed," the International Rebar Producers & Exporters Association (Irepas) said last week."[But] we have to keep in mind the possibility that any trade deal may prove to be elusive," the association added in its January 2020 Short Ra...Read More
Turkish steel mills continued to hold back from deep-sea scrap purchases on Monday January 13, due to weak rebar markets and firm scrap prices, sources told Fastmarkets.Steelmakers in the country booked only one deep-sea cargo last week, when a steel mill in the Marmara region booked a European cargo, comprising 15,000 tonnes of HMS 1&2 (75:25), 10,000 tonnes of shredded and 15,000 tonnes of bonus...Read More
Ukrainian steel billet producer Dneprovskiy Dzerzhinsky Metallurgical Plant (DMKD) has restarted its 900,000-tonnes-per-year No12 blast furnace at its steelmaking facility in the port city of Kamianske on the Dneiper river.Trial pig iron production was started at the end of 2019 and normal operations resumed on Saturday January 4, the company said on January 10. Currently, the daily...Read More
Ferrous scrap prices in most global markets dipped on weaker demand during the week ended Friday January 10, but the Indian market remained strong.Turkish market dips on fewer trades United States prices unchanged Limited buying sees Vietnam prices drop Taiwan prices down on weaker demand Indian prices continue to increase TurkeyPrices for ferrous scrap into Turkey fell this week, with only o...Read More
Ukrainian steel billet producer Dneprovskiy Dzerzhinsky Metallurgical Plant (DMKD) has restarted its 900,000-tonnes-per-year No12 blast furnace at its steelmaking facility in the port city of Kamianske on the Dneiper river.Trial pig iron production was started at the end of 2019 and normal operations resumed on Saturday January 4, the company said on January 10. Currently, the daily...Read More
By: Gary SavageAnother secular bull market in gold underway. Long basing phase is over, lots of volatility back and forth.. 7 minute long video with long-term gold chart view.https://blog.smartmoneytrackerpremium.com/Read More
"Advice is what we ask for when we already know the answer but wish we didn't." Erica Jong, American novelist, satirist, poet; b. 1942 "To different minds, the same world is a hell, and a heaven." Ralph Waldo Emerson, American essayist, poet, lecturer, philosopher; 1803-1882 "The task of beating the market is not difficult. It is the job of beating ourselves that proves overwhelming." Martin P...Read More
StrengthsThe best performing metal this week was palladium, up 6.48 percent, notching its best weekly advance since June. While global car sales are weak, loadings for their catalytic converters are going up with regulatory requirements. Gold traders and analysts were spilt on their outlook for the yellow metal next week after this week saw big price swings due to U.S.-Iran tensions escalati...Read More
Clive MaundIt has been a week of surprises since the last updates were posted. First, I had not expected Iran to retaliate following the murder of its top General by a US drone, but it did, despite the risks, as it was politically necessary to assuage the extreme anger of its population who demanded revenge. The next surprise was that Israel and the US did not use this retaliation as an excuse t...Read More
China may continue importing steel billet after the Chinese New Year holiday (January 25-30) due to the expected pick-up in seasonal downstream demand and prices post-holiday, market sources told Fastmarkets.China was not heard to have imported any steel billet in January due to the holiday lull in the domestic markets. Quiet JanuaryCurrent billet import offers are around $450 per tonne cfr China...Read More
Eastern China's rebar prices fell further on Monday January 13 on softening demand, though those in the northern region held up amid a lack of selling pressure.Eastern China (Shanghai): 3,650-3,680 yuan ($527-532) per tonne, down 20 yuan per tonne Northern China (Beijing): 3,540-3,560 yuan per tonne, unchangedDemand continued to weaken during the day with less than two weeks to go before the start...Read More
Manganese alloys prices in Europe and India increased in the week to Friday January 10 against steady increases in manganese ore markets since early December, although industry sources believe further increases will be limited due to relatively soft consumer demand.In Europe, the silico-manganese lumpy 65-75% Mn, basis 15-19% Si (scale pro rata), major European destinations market price climbed by...Read More
Technical analyst Clive Maund charts silver's progress in comparison to gold's following recent world events. Silver's recent rally looks diminutive and stunted compared to gold's, but that's normal at this early stage of a new bull market, when silver typically underperforms gold due to investors being risk-averse and silver being perceived as more risky and volatile than gold. Nevertheless, as...Read More
Technical analyst Clive Maund examines the effects of recent geopolitical events on the precious metals markets. It has been a week of surprises since the last updates were posted. First, I had not expected Iran to retaliate following the murder of its top general by a U.S. drone but it did, despite the risks, as it was politically necessary to assuage the extreme anger of its population who dema...Read More
Sector expert Michael Ballanger offers his insights into the precious metals markets as 2020 begins. It was one of those days that all sexagenarians loathe; you have to go to the doctor, and whether it's the GP (general practitioner) or the dentist or the proctologist, nothing reminds you more rapidly of your advancing age than going to the optometrist.Now, many of you would say that your annual...Read More
The "phase one" trade deal between the U.S. and China will be signed on WednesdayThe Dow kicked off the week with modest gains thanks to the latest U.S.-China trade tailwinds. Ahead of the "phase one" trade deal between the two countries that's expected to be signed on Wednesday, the U.S. removed China from its list of currency manipulating countries. The S&P 500 and Nasdaq both finished in the bl...Read More
Delta Air Line's quarterly report is due out before the open tomorrow Travel concern Delta Air Lines, Inc (NYSE:DAL) is once again bumping up against recent pressure at its $60 region, just ahead of its fourth-quarter earnings report, due out before the open tomorrow. In the past, DAL has tended towards positive returns the day after its quarterly report, with only one post-earnings move during th...Read More
CDLX and DDD stocks are two big winners today on Wall StreetThe shares of 3D Systems Corporation (NYSE:DDD) and Cardlytics Inc (NASDAQ:CDLX) are trading sharply higher today, and in response options volume is heating up on both. Below is a brief rundown on how traders are approaching the shares of DDD and CDLX. For DDD, the 3-D printing specialist is trading up 11.3% at $11.12, on pace for its hig...Read More
There are divergences on daily charts to keep an eye on, tooTo say the market has been resilient in the first full week of trading during the new year is an understatement. In the face of mounting geopolitical tensions, the S&P 500 Index (SPX - 3,265.35) has managed to remain in positive territory for the year and continue its melt-up from the holidays, despite escalating events between the U.S. a...Read More