All equipment at the ArcelorMittal Italia flat steel plant in Taranto, southern Italy, will be idled by the middle of January 2020, the company confirmed on Friday November 15.This follows global steelmaker ArcelorMittal's decision, announced last week, to pull out of the deal for the plant.The steelmaker will put equipment on stand-by. Blast furnace (BF) No2 will be idled in the middle of Decembe...Read More
Brazilian slab export prices declined this week, though market participants are optimistic that demand is starting to recover.Offers for Brazilian slab to the United States were heard as low as $345 per tonne fob, and there was at least one offer made at $350-355 per tonne fob. Prices above $355 per tonne fob were considered not viable.Fastmarkets' weekly price assessment for steel slab exports, f...Read More
Domestic rebar prices in Poland have increased over the past week in response to higher costs for scrap raw material, sources told Fastmarkets on Friday November 15.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Poland, was 1,980-2,000 zloty ($508-513) per tonne on November 15, compared with 1,950-1,970 zloty per tonne ex-works last week.The assessment reflec...Read More
Domestic prices for secondary steel billet in India over the week to Friday November 15 fell by 400 rupees ($6) per tonne, with makers of long steel products reducing their purchases of semi-finished material on a lack of sustained demand for products such as rebar.The price of steel billet, domestic, exw India, was assessed by Fastmarkets on November 15 down by 400 rupees per tonne to 26,000-26,2...Read More
The CIS export billet price picked up at the end of the week on a booking to Turkey, market participants said.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $380 per tonne on Friday November 15, up by $5 day-on-day.Russia's Abinsk Electric Steel Mill sold a cargo of billet to Turkey this week at $393 per tonne cfr, sources told Fastmarkets. According to various assessments,...Read More
Aim-listed Botswana Diamonds (BOD) on Friday shared details of its areas of focus and strategy for the near future. This includes the ramp-up of its South African Marsfontein operation, which produced its first diamonds from gravels and residual stockpiles, earlier this week.The company intends to start a pilot production plant in the Marange area of Zimbabwe, restore production at Thorny River, i...Read More
Diamond sales brought Angola revenues of $294.85-million during the third quarter of this year. This represented an 11.7% increase over the figure for the same period last year – or, in monetary terms, a rise of $30.7-million. This information was released in Luanda early this month by the State-owned Sociedade de Comercialização de Diamantes de Angola (the Diamond Commercialis...Read More
Diamond sales brought Angola revenues of $294.85-million during the third quarter of this year. This represented an 11.7% increase over the figure for the same period last year – or, in monetary terms, a rise of $30.7-million. This information was released in Luanda early this month by the State-owned Sociedade de Comercialização de Diamantes de Angola (the Diamond Commercialis...Read More
The inter-merchant spot price for light iron scrap in the UK narrowed higher in the week ended Friday November 15, with firm demand possibly pushing up prices in the near term, trade sources told Fastmarkets.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?75-90 ($96-116) per tonne on Friday, up by ?5 per tonne at the low end...Read More
Suppliers in the UK have won a round of price increases for their monthly intake of ferrous scrap from domestic suppliers for November delivery contracts, paring losses made the month before.This was in line with a recovery in export prices, Fastmarkets heard on Friday November 15.The UK monthly steel scrap market to domestic consumers has settled with prices up by an average of ?15 ($19) per ton...Read More
The price of grade-316 stainless steel scrap in the UK domestic market decreased substantially this week on lower nickel and molybdenum prices, sources told Fastmarkets on Friday November 15. Fastmarkets' assessment for stainless steel scrap 316 solids domestic, delivered merchants UK was ?1,170-1,250 ($1,504-1,607) per tonne, down by ?50-80 per tonne. The sharp drop was driven by decreases in b...Read More
The price of ferrous scrap imported into India continued to climb this week, despite mixed sentiment and only limited trading towards the end of the week, sources told Fastmarkets on Friday November 15.Fastmarkets' steel scrap, shredded, index, import, cfr Nhava Sheva, India, was calculated at $289.63 per tonne on Friday, up from $284.15 per tonne a week earlier.Deals were heard for shredded...Read More
The Turkish steel mills went through the last working day of the week with no deep-sea scrap bookings, while prices were mostly stable, sources said on Friday November 15.Offers of HMS 1&2 (80:20) grade scrap from suppliers in the United States have been steady around $260 per tonne cfr Turkey.Those offers compared with the most recent US cargo sold at a similar price on November 13.A steel mill i...Read More
Seaborne coking coal prices saw little movement on Friday November 15 amid divided opinion on the impact that the latest import restrictions at Chinese ports would have on the market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $133.81 per tonne, down $0.72 per tonnePremium hard coking coal, cfr Jingtang: $147.82 per tonne, down $1.42 per tonneHard coking coal, fob DBCT: $120.70 per tonn...Read More
China's rebar prices continued to rise on Friday November 15, though traders have started to become more cautious about the market losing its upward momentum.DomesticEastern China (Shanghai): 3,860-3,900 yuan ($550-555) per tonne, up 30-40 yuan per tonneNorthern China (Beijing): 3,700-3,720 yuan per tonne, up 20-30 yuan per tonneDemand was robust, especially in eastern China, amid continual gains...Read More
There are cross currents flowing through broader markets, risk-on is still evident in equities with another record close for the S&P500, base metals are generally pulling back in countertrend moves from the stronger tone seen in October and early November and there is some nervousness around judging by the pick-up in demand for havens in recent days.Federal Reserve painted an upbeat picture of the...Read More
China's hot-rolled coil producers raised their offers on Friday November 15 on strong buying activity throughout this week.DomesticEastern China (Shanghai): 3,590-3,600 yuan ($511-513) per tonne, up 10 yuan per tonneNorthern China (Tangshan): 3,560 yuan per tonne, unchangedSpot prices in eastern China edged up after mills raised their offers by 20 yuan per tonne during the day in response to robus...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade. Index futures responded to news that a China/U.S. trade deal is close.Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for the November Empire State Manufacturing Survey was an increase to 5.0 from 4.0 in October. Actual was 2.9. Consensu...Read More
An overview of the Chinese minor metals markets and the reasons for their latest price moves. Read More
Dear Rich Lifer,I was in New York City this week for the 2019 Paradigm Press Summit, where I delivered a presentation on my current market outlook and some of my favorite investment ideas for the upcoming year.The biggest one has to do with insurance.But I'm not about to steal my own thunder or even give you a synopsis of the speech right now. You'll have to wait for access to the recording of the...Read More