Demand for steel rebar in Russia's Central Federal District around Moscow was reported be good in the week to Monday July 13, driven by a recovering construction sector and with prices being largely stable, sources have told Fastmarkets.Construction activity in the region was reported to be strong, with traded rebar volumes being "healthy," sources said."Construction may be not as good as it was l...Read More
An earthquake in Tangshan failed to affect China's rebar prices on Monday July 13, with prices gaining due to bullish sentiment caused by rising futures prices.Domestic Eastern China (Shanghai): 3,600-3,620 yuan ($514-517) per tonne, up 30 yuan per tonneSources told Fastmarkets that sellers in Shanghai had raised their prices based on futures gains. However, physical trading was sparse with f...Read More
There was limited spot trade in the Singapore rebar import market this past week due to the slow resumption of downstream construction activity and high inventory levels in the country, market sources told Fastmarkets."Many steel fabricators have months of inventories still on hand and are not looking to purchase anything," a buyer source in Singapore told Fastmarkets on Thursday July 9.Turkish an...Read More
Here are five Fastmarkets stories you might have missed on Monday July 13 that are worth another look.Brazilian miner Vale has entered into a non-binding agreement with Japanese companies Kobe Steel and Mitsui to form a low-emission steel joint venture, it said in a filing to Brazil's securities commission CVM on July 13.Russian multi-metal miner Nornickel reported a second Arctic fuel spill durin...Read More
Brazilian miner Vale has entered into a non-binding agreement with Japanese companies Kobe Steel and Mitsui to form a low-emission steel joint venture, it said in a filing to Brazil's securities commission CVM on Monday July 13.Vale will supply metallic and steelmaking solutions with low greenhouse gas emissions to both steelmakers, it added. The final approval for the new venture is subject to an...Read More
The UK market for deliveries of steel scrap to domestic consumers has dropped month-on-month in line with demand, with steelmakers positioning their smelting schedules for the seasonal summer slowdown.But there was enough support to avoid significantly steeper losses, market sources told Fastmarkets on Monday July 13.Consumers of steel scrap in the UK were expected to cut production in late July a...Read More
Here are five Fastmarkets stories you might have missed on Monday July 13 that are worth another look.Brazilian miner Vale has entered into a non-binding agreement with Japanese companies Kobe Steel and Mitsui to form a low-emission steel joint venture, it said in a filing to Brazil's securities commission CVM on July 13.Russian multi-metal miner Nornickel reported a second Arctic fuel spill durin...Read More
Federal Reserve Chair Jerome Powell and San Francisco Fed President Mary Daly both recently denied that the Federal Reserve's policies create economic inequality. Unfortunately for Powell, Daly, and other Fed promoters, a cursory look at the Fed's operations shows that the central bank is the leading cause of economic inequality.The Federal Reserve manipulates the money supply by buying and sell...Read More
Dear Friend of GATA and Gold:Surreptitious intervention in the gold market by the U.S. government is the target of legislation introduced in the House of Representatives by Rep. Alex X. Mooney, R-West Virginia.In a letter to House colleagues seeking support for his Gold Reserve Transparency Act, H.R. 2559, Mooney writes: "Because there are concerns the U.S. Treasury may have sold, swapped, lease...Read More
Strengths? The best performing precious metal for the week was silver, up 4.25 percent. Investors poured money into silver-backed ETFs this week as the precious metals trade begins to increase in scope. Spot gold prices reached the key $1,800 an ounce level. This milestone could help push the metal closer to its all-time high above $1,900. Bloomberg notes that gold futures traded alm...Read More
Richard (Rick) Mills, Ahead of the herdThe US economy is nowhere near recovering from the lockdown measures imposed by cities and states during the covid-19 pandemic, and that is weighing on the US dollar, which has fallen sharply since March. The beneficiary, as expected, has been gold (and silver), which normally moves in the opposite direction as the greenback. Year to date, spot gold has ri...Read More
[A friend who made his fortune in the laundry business has enjoyed enviable returns on his nest egg by staying fully invested in stocks. The following is a personal letter from his financial advisor telling him why, even after the stock market's spectacular rally since late March, he should stay in equities. The advisor's list of pros and cons nicely sums up the thinking of many of advisors with...Read More
Data ProblemsPermanent LossesJob OpeningsSticky ProblemsWargaming with Uncle DougYou Need to Have a Plan B, C, D, and...A World I Don't RecognizeWork has always been a fact of life. Paycheck-producing jobs are actually a recent development. Until the Industrial Revolution, most people lived on subsistence agriculture, sustaining themselves with whatever they could produce or working as slaves/se...Read More
Export prices for steel billet from the Commonwealth of Independent States (CIS) continued to rise over the week to Monday July 13, supported by a fresh sale and a positive mood in China.A cargo of Ukraine-origin wire rod-quality billet was reported sold to the Mediterranean Sea basin at $373 per tonne fob Black Sea late last week, Fastmarkets has learnt.The price for wire rod-quality material is...Read More
The export price for CIS-origin steel slab surged in the week to Monday July 13 with customers in Europe accepting higher prices in their latest bookings. In addition, Chinese buyers also showed a readiness to pay higher prices amid stronger demand.Offers of CIS-origin slab were heard in Turkey and Europe within the range of $395-400 per tonne cfr last week, although some mills reported even highe...Read More
Sector expert Michael Ballanger takes a look at the latest moves in the financial and precious metals markets, and updates his investment strategy moving into late summer. I've only just returned from the majesty of Georgian Bay, where the first fishing derby of the season had me summarily trounced by my female partner 12 to 5, with most of her catches in the 1- to 2-pound category and mine barel...Read More
Scottie Resources will test at least three high-priority targets there during this campaign. Scottie Gold MineScottie Resources Corp. (SCOT:TSX.V) announced in a news release it commenced a fully funded, 5,000 meter diamond drill program at its Scottie project in British Columbia's Golden Triangle.To follow up on last year's drilling, the company will test priority targets such as the Blueberry v...Read More
Seabridge Gold will carry out geotechnical drilling in the proposed area for the tunnel that will connect the mine and mill at its KSM gold-copper project. KSM 2020 PEA Mine PlanIn a news release, Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced it started geotechnical drilling in the area tentatively designated for the Mitchell Treaty Tunnels (MTT) that will connect the mine and mill at its...Read More