Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) will increase domestic prices by 10.5% on July 1, it told distribution clients this week, sources with knowledge of the move told Fastmarkets.Rising iron ore prices and a steep discount to domestic steel over imports support the action CSN has taken, the sources added. The company had already considered an increase in June but weakening de...Read More
Turkish domestic long steel prices continued to increase over the past week in line with firm demand, but they may now have reached a peak because scrap prices are expected to fall soon, sources said on Thursday June 18."The general thinking in the market is that the increase in scrap prices has stopped [and] this put on the brake in local [long steel] prices," a senior official at a maj...Read More
Turkish rebar and wire rod export prices remained steady over the past week amid a lack of demand, sources said on Thursday June 18.Turkish steel mills continued to offer rebar for export at $425-430 per tonne fob on actual weight basis, while bids for the material were no higher than $410 per tonne, Fastmarkets heard."Mills continued...Read More
Demand for imported steel billet in Egypt remained limited in the week to Thursday June 18, despite billet import prices decreasing because of lower bids, sources told Fastmarkets.No improvement in demand was anticipated any time soon, sources told Fastmarkets, because construction activity has all but halted across the country since a presidential decree in late May.The cessation o...Read More
Domestic prices for ferrous scrap in Germany have increased by about ?,?5-10 per tonne month on month in June, sources told Fastmarkets on Thursday June 18.Fastmarkets' monthly price assessment for steel scrap No E3 (old thick steel scrap), domestic, delivered mill, Germany was ?,?235-245 ($264-275) per tonne on June 18, up by ?,?5 per tonne month on month from?,?230-240 per tonne in mid-May....Read More
Dear Friend of GATA and Gold:In a discussion with your secretary/treasurer this week, London metals trader and Kinesis Money founder Andrew Maguire says longtime metals bank Scotiabank is not only closing its metals trading desk but getting out of the vaulting business and all involvement with gold. Maguire says Scotiabank's withdrawal is a "forced regulatory decision," puts in doubt the resolut...Read More
By: Gary SavageSPX short-term cycles, a head and tops topping pattern?Read More
David Haggith "Jerome Powell burst the stock market bubble by publicly acknowledging there will not likely be a "V"-shaped economic recovery. He indicated that it will take years for the economy to return to the recent levels ... we experienced just a mere four months ago. Seeking AlphaThat was actually the point of my recent article that unfortunately became, in the comments, all about my disc...Read More
By: Ira EpsteinGold is stuck in the middle of this dead zone. What is needed to get out of the range?Read More
Turkish steel mills booked no deep-sea cargoes on Thursday June 18, with a growing number of market participants now believing that prices have reached a peak, sources told Fastmarkets.News of a US deal from the beginning of the week was, however, heard on Thursday.A steel mill in the Izmir region booked a US cargo, comprising 15,000 tonnes of HMS 1&2 (80:20) at $265 per tonne and 15,000 tonnes of...Read More
Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) will increase domestic prices by 10.5% on July 1, it told distribution clients this week, sources with knowledge of the move told Fastmarkets.Rising iron ore prices and a steep discount to domestic steel over imports support the action CSN has taken, the sources added. The company had already considered an increase in June but weakening de...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 18 that are worth another look.Workers of Tata Steel's Dutch operations have planned another strike during the night shift, which will affect the hot zone, the trade union FNV Metaal said on June 18.Brazilian iron ore and metals producer Vale has scheduled the reopening of its Canada-based Voisey's Bay nickel unit to early Ju...Read More
Black Tusk Resources reported that it has begun preparations for a 3D IP Survey on the McKenzie East Gold Project. In a news release, gold development company Black Tusk Resources Inc. (TUSK:CSE; BTKRF:OTCMKTS; 0NB:FSE) announced that "the company has begun preparation for the 3D Induced Polarization (IP) survey on the McKenzie East gold property located north of Val d'Or, Quebec." The firm noted...Read More
Bob Moriarty of 321gold awaits results from this explorer's drill program. The market was waiting for definitive news from Blackrock Gold Corp. (BRC:TSX.V; BKRRF:OTCMKTS) about their upcoming drill program at Tonopah West. On the 17th of June the market got it and liked it a lot. The shares were up 18% on the day and 50% over the past three weeks.Investors have been waiting patiently for assay re...Read More
Inflationremains low, while Powell signals dovish Fed for years. Good for gold. The US CPI inflation ratedeclined 0.1 percent in May, following a0.8 percent drop in April. The decrease was mainly driven by decreases in energy,transportation and apparel prices. The core CPI also declined 0.1 percent, following a 0.4percent drop in April. It was the third consecutive monthly decline, whichhappened f...Read More
By: Gary SavageSPX short-term cycles, a head and tops topping pattern?Read More
By: Ira EpsteinGold is stuck in the middle of this dead zone. What is needed to get out of the range?Read More
Here are five Fastmarkets stories you might have missed on Thursday June 18 that are worth another look.Workers of Tata Steel's Dutch operations have planned another strike during the night shift, which will affect the hot zone, the trade union FNV Metaal said on June 18.Brazilian iron ore and metals producer Vale has scheduled the reopening of its Canada-based Voisey's Bay nickel unit to early Ju...Read More