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
Cold-heading quality (CHQ) wire rod prices have fallen following February's lower ferrous scrap settlement, while the cost of high-carbon rod is stable, sources told Fastmarkets. Fastmarkets' assessment for steel wire rod cold-heading quality (CHQ), ddp was at $37.50 per hundredweight ($750 per short ton) on Friday February 21, down by 1.3% from $38 per cwt last month. The cost of Chicago No1...Read More
The Egyptian Administrative Court will make a ruling on billet and rebar import duties on May 23, after a number of domestic rebar re-rollers appealed to have them removed, market participants told Fastmarkets on Monday February 24.The Egyptian Ministry of Trade & Industry announced definitive import duties on steel billet, rebar and wire rod on October 10 last year. The definitive safeguard duty...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
Turkish domestic scrap prices have continued to increase over the past week in response to rising imported scrap values, market sources said on Monday February 24.Prices for imported scrap have been climbing in recent weeks on demand from Turkish steel producers. Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $284.04 per tonne on February 21, up from $274...Read More
By: Gary SavageGeneral market updates on today's big down-move. This video update includes: $ES, $AAPL, $COMPRead More
- Dave KranzlerAnd it's not just gold. The Fed is already hinting that more money printing is coming. Powell suggested at his semi-annual Congressional testimony that QE would be used in the next recession. A couple other Fed officials this week confirmed that the FOMC is preparing to crank up the printing press even more than it has been running since mid-September.But why does the Fed fe...Read More
David HaggithWho says there is no recession anywhere in sight? It depends on where you are looking. In short, manufacturing remains in recession; corporate profits remain in recession; freight remains deep in recession; Carmageddon remains in recession; and the Retail Apocalypse remains a recession for brick-and-mortar stores, while employment the last holdout is now also turning d...Read More
StrengthsThe best performing metal this week was palladium, up 11.52 percent as precious metals had a stellar week. Gold hit a seven-year high this week, holding above $1,600 an ounce to the highest since February 2013 largely on coronavirus fears. The metal also rose on speculation that the Federal Reserve will ease monetary policy before year-end. Gold remained strong even as the U.S. dollar a...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
Rising imported ferrous scrap prices in Turkey provided upward momentum to global scrap prices during the working week ended Friday February 21, with prices in most major import destinations surging due to the boost in demand.Turkish import scrap prices rise on buying spreeUS export scrap prices push upward on fresh Turkish dealsTaiwan import scrap prices surge on higher freight costs, Vietnam pri...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
CIS export prices for steel slab remained firm in bookings made in the seven days to Friday February 21 despite a weakening of the finished flat steel sector in the region and in some customers' markets.A cargo of Russia-origin slab was reported sold to Belgium at $425 per tonne fob Black Sea last week, in line with asking prices.Fastmarkets' weekly price assessment for steel slab, export, fob Bla...Read More
"This is taking the world's most important manufacturing center and shutting it down all at once. That's like throwing a car into reverse at 60 miles per hour on the highway. . . . Supply chain disruptions are going to be legendary. . . . This isn't like one company having trouble like AIG where Hank Paulson has to ride to the rescue with $700 billion of fresh U.S. taxpayer money. We are talking a...Read More
To Watch Update #29, CLICK HERE?>>?Things are now starting to get fast and furious. Outside of China, covid-19 is swiftly breaching defense lines all over the world. Italy is suddenly in big trouble - with the military being called in to enforce city quarantines. Iran, South Korea & Japan similarly find themselves overwhelmed as new cases continue to spread unabated.And there are many other countr...Read More
Marin Katusa has worked directly with and financed many companies of well-known individuals in the resource industry and has become one of the most trusted and well connected dealmakers in the junior resource sector. During this time, he has become one of the most successful portfolio managers in the resource sector, such as his 2009 Fund Partnership (KC50 Fund, LLC) which has outperformed the com...Read More
One thing we've learned from the Trump Presidency is that the "deep state" is not just some crazy conspiracy theory. For the past three years we've seen that deep state launch plot after plot to overturn the election.It all started with former CIA director John Brennan's phony "Intelligence Assessment" of Russian involvement in the 2016 election. It was claimed that all 17 US intelligence agencies...Read More
"You know, when Fidel Castro came into office, you know what he did? He had a massive literacy program," Sanders said. "Is that a bad thing? Even though Fidel Castro did it?"Continue...Read More
Steel billet prices in the global markets were up in all regions except Asia last week, supported by increasing raw material costs, particularly scrap.Low-priced Japanese billet transactions and competitive offers for Chinese billet resulted in a $10-per-tonne decline in the Southeast Asian market.Southeast Asia, ChinaSeveral cargoes of Japanese billet were booked in the Philippines last week with...Read More