The iron ore price (62% Fe CFR China) stood at US$86.42 on Monday morning, up 10.3% from its low of US$78.33 on February 3.RBC said steel inventories were now 42% higher than they had been historically at this time of year."With blast furnaces unable to effectively curtail production, and with what appears to be a slower restart to economic activity than we perhaps thought a couple of weeks ago, t...Read More
Hinda Gharbi and Jennifer Nason will join the board from March 1, while Ngaire Woods CBE will join on September 1.Gharbi, who has dual Australian-Tunisian nationality, is executive vice president of reservoir and infrastructure at Schlumberger.Adelaide-born Nason is a global chair at JP Morgan, based in New York.Dual New Zealand and British citizen Woods, a professor of global economic governance...Read More
By: Gary SavageGeneral market updates on today's big down-move. This video update includes: $ES, $AAPL, $COMPRead More
"Explosive growth of shadow banking was about the invisible hand having a party, a non-regulated drinking party, with rating agencies handing out fake IDs." Paul McCulley, economist, bond investor, PIMCO; coined "shadow banking" in 2007, The New York Times 4/6/2010; b. 1957 "If you are ready to give up everything else to study the whole history of the market as carefully as a medical student st...Read More
Clive MaundIf you are wondering why gold is starting to accelerate away to the upside, you need look no farther than the following amazing chart forwarded to me by reader Larry Fike, which Larry has kindly given me permission to reproduce in this update...Click on chart to popup a larger, clearer version.Chart courtesy of Larry FikeThe chart speaks for itself and requires little additional comme...Read More
Now that we are hearing stories about the viral threat of superspreaders, of deepening economic paralysis around the world, and how it could take 18 months to produce a vaccine, investors' show of bravado in recent weeks seems to have melted away. Shares got hit across-the-board on Thursday and Friday, and if investors know what's good for them they'll pound the bejeezus out of them this week. A...Read More
Gold April reached a high of $1684.10 early morning (at New Zealand open). Silver march reached at high of $1879.50. Copper march fell to a low of $256.50. Crude oil fell to a low of $51.66. Early morning high (just after New Zealand open) can be fake or just stop loss hitting price moves. No doubt the trend for gold and silver is bullish. BUT still they have to break and trade over early mornin...Read More
Key data from the pricing session in Europe and Asia for the week ended Friday February 21. Europe Key driversPrices for silicon grades 4-4-1 and 5-5-3 jumped again in Europe due to a lack of prompt shipments exacerbating already tight supply.The novel coronavirus (2019-nCoV) outbreak has caused disruptions to the flow of material from China.A number of European buyers reported difficulty...Read More
A modest improvement in results for miners within the Responsible Mining Index for 2020 has been tarnished by an underlying impression of ‘sustainability washing', according to the Suisse-based Responsible Mining Foundation.The index, which covers 38 major mining groups and 28% of the world's production across 45 countries, takes an evidence-based approached to reviewing economic, environmen...Read More
Key data from the pricing sessions in Asia and Europe in the week to Friday February 21. China Key drivers Some antimony suppliers lifted their offer prices again and were resistant to compromising on offers last week, citing limited available cargo, according to market sources. A number of producers and traders held off from offering in anticipation of higher prices in the coming week...Read More
Here are five Fastmarkets stories you might have missed on Monday February 24 that are worth another look.Chinese rebar remained the most competitively priced of imports of the long steel product in Singapore over the past week, edging out Turkish products.The discount for copper scrap imported into China has fallen in February on a lower commodity price and a negative arbitrage, with the impact o...Read More
The discount for copper scrap imported into China has fallen in February on a lower commodity price and a negative arbitrage, with the impact of virus-led delivery delays on the overseas scrap price being minimal in the Chinese market.Fastmarkets assessed the monthly discount of No 2 94-96% copper scrap, birch or cliff, at 31-34 cents per lb cif China on February 24, down from 33-37 cents per lb i...Read More
The Turkish deep-sea scrap import market went quiet at the beginning of the week, with no significant bookings heard, sources told Fastmarkets on Monday February 24.The Turkish steel producers booked eight deep-sea cargoes at rising prices last week, totaling some 250,000 tonnes.However, market participants believe prices have now stabilized, and no further changes are expected...Read More
Broader markets are seeing risk-off while they focus on the spread of the novel coronavirus (2019-nCoV) this morning, Monday February 24, after the number of cases and deaths escalated outside of China, especially in South Korea.China remains in a very difficult position as it needs to ramp-up the return to work, while at the same time the virus is not contained. China exported $60 billion of auto...Read More
Share this articleVANCOUVER - Tensions over Indigenous rights, climate change and resource development that have escalated recently with the rail blockades helped push Teck Resources Ltd. to shelve its massive oilsands project, company CEO Don Lindsay said Monday."Literally over the past few days, it has become increasingly clear that there is no constructive path forward," he said, speaking...Read More
Share this articleVANCOUVER - Shares in Teck Resources Ltd. are trading down four per cent after the company said it had withdrawn its application for a massive oilsands mining project citing uncertainty over climate policies.The Vancouver-based company said it will take a $1.13-billion writedown on the Frontier project in Alberta, which was expected to create thousands of jobs but was also pr...Read More
This is a continuation of an article we published on Friday. To read the first part, click here. But here is a very brief summary:Both optimistic and pessimistic hype is rampant in investment markets and mainstream media. And if you're not careful, buying into this hype can cost you dearly.Last week, we defined market hype as the intentional and aggressive promotion of a stock or sector with exagg...Read More
Domestic prices for hot-rolled coil in both Northern and Southern Europe rose at the end of the week to Friday February 21, supported by a lack of competitive imports and a degree of recovery in demand.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?483.99 ($524.88) per tonne on Friday, up by ?,?4.65 per tonne week on week from ?,?479.34 per tonne on February...Read More
Domestic prices for hot-rolled coil in Northern Europe were stable day on day on Monday February 24, but producers remained bullish, sources told Fastmakets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?484.02 ($524.91) per tonne on Monday, almost unchanged from ?,?483.99 per tonne on February 21.The index was calculated based on deals and "workable" pr...Read More
Flat steel exporters from the Commonwealth of Independent States (CIS) reduced offers for hot-rolled coil on a bearish buyer mood in key outlets, sources told Fastmarkets during the week ended on Monday February 24. Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $465-475 per tonne on Monday, narrowing from$460-480 per tonne a week before.Of...Read More